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. The token is minted natively on Avalanche, with no bridging.
Its Unwind market runs on Ethereum mainnet with USDC as the base asset. The token is permissioned and the market winds synchronously.
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. Winding also requires a valid Keyring credential for the market’s policy, checked on-chain.
Execution
The market opens positions synchronously: a single atomic transaction opens the position through a per-user executor, with no escrow or finalisation step. Leverage starts at 1.1x; the ceiling is Euler’s live borrow LTV for the market rather than a fixed figure.
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, into the wallet rather than the position. Until it is deposited, the position runs at its opening leverage and LTV, and reaches the settled figures once the top-up lands.
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
Redemption runs through Midas’s own process on a monthly cycle rather than instantly. A full leveraged exit that repays the debt and redeems the collateral in one step is arranged with the Keyring team rather than as a self-serve on-chain flow. If a position becomes unhealthy, it follows the same liquidation paths as any other market.
Contracts
The market’s on-chain interfaces are documented under smart contracts.