TechFlow news, according to an internal document obtained by CoinDesk, the stablecoin project Midas plans to launch its stUSD token in the coming weeks. The token will be backed by U.S. Treasuries and made available on DeFi platforms including MakerDAO, Uniswap, and Aave.
The project intends to purchase U.S. Treasuries through BlackRock, using Circle Internet Financial's USDC stablecoin as the entry point. This move responds to the trend in traditional finance of offering higher yields on assets, aiming to tokenize traditional financial products and integrate them into the DeFi ecosystem.
Midas team members include Fabrice Grinda, founder of blank-check company GTAC, and Dennis Dinkelmeyer, GTAC vice president.
It is reported that the Midas stUSD token will be 100% backed by U.S. Treasuries, issued as a debt security under German law, and compliant with European securities regulations and anti-money laundering laws.
