mGLOBAL Is Now Live on the Aave Horizon RWA Market

Starting today, mGLOBAL is available on the Aave Horizon RWA Market. As the world’s largest DeFi lending protocol with over $24 billion in net deposits, Aave enables investors to use mGLOBAL, an institutional asset-backed strategy, as collateral to borrow stablecoins and access liquidity – all while keeping exposure to the underlying strategy.

What is mGLOBAL?

mGLOBAL is a tokenised onchain investment product issued by Midas. It is a security token linked to the performance of Fasanara Capital's flagship receivables strategy, which invests primarily in short-duration trade receivables, digital invoices and asset-based finance exposures. The strategy has a track record dating back to 2014 and is built around zero fund-level leverage, high granularity and short average maturity. The portfolio spans more than 60 countries, over 140 originators and more than 700,000 open positions, with historically 100% positive monthly returns.  

Fasanara Capital, the appointed strategy manager, manages over $6 billion in assets on behalf of institutional investors, including pension funds and insurers across Europe and North America.  mGLOBAL is not a stablecoin and does not operate as a vault. Instead, its value is determined by the Net Asset Value linked to the performance of the assets. Token holders benefit from transparent, onchain ownership and reporting while maintaining exposure to a professionally managed private credit strategy.

Learn more about onchain investment products and their distinct profile here.

mGLOBAL is issued through a dedicated compartment of a bankruptcy-remote Luxembourg Securitisation Vehicle designed to provide robust asset segregation and investor protection. The underlying assets are independently valued on a monthly basis by JTC Luxembourg, an independent fund administrator. 

Aave - The Largest Onchain Lending Market

Aave Protocol is the world’s largest onchain lending market with more than $1 trillion in cumulative loan originations. Aave also supports the deepest liquidity and most active borrowing markets in DeFi. 

Aave Horizon is s a dedicated institutional lending market designed for tokenized real-world assets (RWAs). It enables qualified institutions to borrow onchain against qualified tokenized collateral within a compliance-oriented framework. Horizon reflects Aave’s broader vision of bringing institutional capital and real-world credit onchain at scale by connecting regulated asset issuers and investors with the liquidity of the Aave ecosystem.

mGLOBAL is a natural fit for Aave Horizon. The market was built to support institutional-grade tokenized assets and connect them with deep onchain liquidity. Through Aave Horizon mGLOBAL gains access to one of the deepest sources of onchain borrowing demand, alongside the tokenized assets the market was specifically designed to support

Holders can use mGLOBAL as collateral to borrow supported stablecoins on Aave Horizon, including USDC, RLUSD and GHO, while maintaining exposure to the underlying strategy. The listing also reflects mGLOBAL’s successful review under Aave's rigorous risk, liquidity, and operational standards – the requirement every collateral asset must satisfy before being admitted to Aave.

Fasanara Capital - The Appointed Strategy Manager

Fasanara Capital is a technology-driven global asset manager founded in 2011, which specialises in short-duration, asset-based credit and fintech-originated lending. The firm manages over $6 billion in assets for institutional investors, including pension funds and insurers across Europe and North America. Through a proprietary platform connected to over 140 fintech lenders across 60+ countries, Fasanara provides institutional access to diversified, short-duration real-economy credit via both traditional and onchain access points.

Instant Liquidity and Midas’ Open Liquidity Architecture

mGLOBAL redemptions are supported by Midas’ Open Liquidity Architecture, a layered system designed to meet atomic redemptions across market conditions and avoid holding idle cash, which drags returns.

Midas Open Liquidity Architecture works across four layers:

• An internal liquidity sleeve, set at 10 percent of TVL, deposited directly into Aave for instant redemptions.
• Midas Staked Liquidity, a committed credit facility that provides instant liquidity for atomic redemptions once the sleeve is drawn.
• An OTC and liquidator network – a backstop of institutional balance sheets for large-scale exits.
• Standard redemption, settled monthly at the official NAV with no fee.

Midas Staked Liquidity forms the core of the design. Rather than holding  idle cash to fund instant exits, the facility extends an on-demand line of credit at the moment of redemption. The holder is paid out and their tokens are burned immediately, and the facility is then repaid as the underlying assets settle. This expands atomic redemption capacity without leaving capital idle, so liquidity is added without diluting the return of the strategy. Learn more here.

Verifiable Onchain: The Midas Attestation Engine

Verification for mGLOBAL runs through the Midas Attestation Engine, an independent trust layer built with Chainlink, LlamaRisk, vLayer, and Canary. It turns the data that matters, including NAV, proof of reserves, and smart contract integrity, into permanent, independently verified checkpoints onchain, so holders have verifiable disclosures.

Each cycle works in three steps. Source data, such as a valuation agent's NAV or a fund administrator report, is captured as a structured claim. Related claims are bundled into an attestation and published onchain through Chainlink CRE, with the source documents notarised by vLayer and stored permanently on IPFS. Independent verifiers, including LlamaRisk and Canary, then confirm onchain that the data came from an approved source and that the correct process was followed, nothing was altered, and that it is verifiable against  external references. Learn more here.

Access mGLOBAL

mGLOBAL is available now on the Aave Horizon RWA Market.

All key information (minting, redemptions, underlying strategy, fees, proof-of-reserves, liquidity,...) can be found on the mGLOBAL product page.

About Midas

Midas is a platform for composable onchain investment products. It gives investors exposure to institutional strategies, run by professional strategy managers, through its performance-linked mTokens. These tokens offer full transparency, instant redemptions, and native composability across DeFi.

Founded in 2024 by Dennis Dinkelmeyer (formerly Goldman Sachs), Fabrice Grinda (FJ Labs), and Romain Bourgois (formerly Ondo Finance), Midas is backed by leading investors including RRE, Creandum, Framework Ventures, HV Capital, Ledger Cathay and Coinbase Ventures. The company recently secured $50M in Series A funding, building on a track record that includes over $2B in asset issuance and $43M in yield paid out to date.

About Aave Horizon

Aave Horizon is an institutional lending market built on the Aave Protocol, the world’s leading decentralized lending infrastructure with more than $1 trillion in cumulative loan originations. Horizon enables qualified investors to borrow stablecoins against tokenized real-world assets (RWAs), providing 24/7 access to onchain liquidity while preserving issuer-led compliance at the asset level.

Built on Aave’s non-custodial infrastructure, Horizon combines institutional-grade risk management from LlamaRisk with secure market data provided by Chainlink’s Decentralized Oracle Network. Horizon is currently the largest lending market designed for regulated, permissioned real-world assets, helping connect institutional capital with the efficiency, transparency, and liquidity of onchain finance.

About Fasanara

Fasanara Capital is a technology-driven global asset manager founded in 2011, specialising in short-duration, asset-based credit and fintech-originated lending. The firm manages over USD 6 billion for institutional investors, including pension funds and insurers across Europe and North America. Through a proprietary platform connected to over 140 fintech lenders across 60+ countries, Fasanara provides institutional access to diversified, short-duration real-economy credit via both traditional and on-chain access points.