Algorithmic / under-collateralized stablecoin
Midas's assessment for RD-F-069 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Not applicable — mTokens are not stablecoins and are not algorithmically stabilized. mTBILL is fully backed by U.S. Treasury bills (BlackRock fund via Maerki Baumann custodian); mBASIS is backed by strategy assets (basis trade, fully allocated); mBTC is backed by BTC. NAV-attested by issuer daily. No algorithmic stability mechanism or fractional backing. PD-024 + PD-042 RWA issuer factor-flip applies.
Sources #
- GitHubSherlock 2024-05 — mTBILL.sol sourceSherlock 2024-05 mTBILL.sol — ERC-20 token with blacklist/greenlist, not an algorithmic stablecoinretrieved 2026-05-16
- CoinDesk — Meet Midas (mTBILL launch)CoinDesk launch article (2023-11-10) — mTBILL described as yield-bearing token investing in U.S. Treasuries, not an algorithmic stablecoinretrieved 2026-05-16
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →
rubric_version v1.7.0 protocol midas factor RD-F-069 score not_applicable collected_at 2026-05-16 09:34:55