mGLOBAL
mGLOBAL is a Midas-issued tokenised asset that brings an A-rated private-credit strategy on-chain, managed by Fasanara Capital. The underlying is a diversified pool of short-duration, self-liquidating debt such as trade receivables, invoices, and short-term SME loans, valued monthly.
Its Unwind market runs on Ethereum mainnet with USDC as the base asset. The token is permissioned.
Access
mGLOBAL is fully permissioned: every transfer requires both parties to be whitelisted by Midas, its issuer. Whitelisting is a know-your-customer step run by Midas, not by Keyring. The address that holds and moves mGLOBAL during winding and unwinding is the user’s Keyring user wallet, so that is the address Midas must whitelist. Winding also requires a valid Keyring credential for the market’s policy, checked on-chain.
Execution
The market winds through the standard asynchronous flow: the wind request borrows against interim collateral and submits the deposit to Midas in the same action. Midas mints an initial portion of mGLOBAL instantly to the user’s Keyring user wallet, at the wedge price; the withheld remainder arrives after the next monthly NAV (see holdback below). A Keyring operator then settles the request, and the user or the operator finalises the position. Leverage starts at 1.1x. The wind manager enforces a configured ceiling, set below what the lending market’s borrow limit allows once entry pricing, fees, oracle latency, and an execution margin are accounted for. Both values are manager configuration rather than product constants.
Holdback
mGLOBAL’s instant subscription mints at a raised price, a wedge above the latest published NAV, and carries a holdback: Midas holds back a portion of the collateral and delivers it after the next monthly NAV. The delivery arrives in the user’s Keyring user wallet and is included in the position when the wind is finalised, so the finalised position starts at its settled figures.
The wedge is a Midas product term (nominally around 7%, read live from the Midas price feed, and can be higher), not a Keyring or protocol constant. The size of the deferred delivery depends on how the NAV moves; if the NAV rises past the holdback, it can be zero. It is not a guaranteed return.
Exiting
Exits run through the standard unwind flow: the request locks the position and settles through Midas’s own redemption process on a monthly cycle rather than instantly. If a position becomes unhealthy, it follows the same liquidation paths as any other market.
Pause and recovery
The deployed managers allow the safety manager to close eligible unsettled
requests through safetyCloseWind and safetyCloseUnwind, including while
paused. These calls require the caller to supply any outstanding debt
repayment. This capability does not commit Keyring to fund repayment or close a
request.
Ethereum contracts
The mGLOBAL Unwind market uses the manager-backed architecture documented under smart contracts. Its contract addresses are listed under Unwind contract addresses.