mTBILL, issued by Midas Software GmbH, is a tokenized fund that gives investors onchain exposure to mTBILL, expressed as a NAV per token that moves with the underlying portfolio's performance [S1].

The token tracks mTBILL (mTBILL) on a total-return basis, accruing value through changes in NAV rather than any peg or floor [S1]. Holders bear a management fee as a percentage of NAV and a performance fee on profits above a high-water mark, and instant redemption carries a fixed fee typically between twenty and one hundred basis points [S2].

Midas Software GmbH, a Berlin company incorporated under German law, issues each token as a Blockchain-based Certificate, a MiFID II debt instrument under a base prospectus approved by the Liechtenstein Financial Market Authority; the issuer is not itself licensed or regulated and approval is not an endorsement [S3][S4][S5]. Tokenholders hold a contractual claim against the issuer, not ownership of the underlying assets [S3]. Tokens are not offered to U.S. Persons, sanctioned parties, or restricted jurisdictions, and access requires KYC and AML verification, with some strategies limited to professional investors [S6]. Standard redemption settles after the next NAV update and instant redemption burns tokens for a stablecoin [S7].

The tokens are ERC-20 tokens issued natively across BNB Chain, Ethereum, Monad, Base, an Ethereum Layer 2, Plasma, Starknet, Katana Network, OP Mainnet, and Rootstock [S8][S9]. Deposits mint at current NAV instantly or at the next settlement [S7]. NAV equals total portfolio value divided by tokens outstanding and is published onchain through an Oracle Feed using Chainlink and Pyth [S1].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.midas.app/llms-full.txt" },
    { id: "S2", url: "https://docs.midas.app/resources/investment-risks" },
    { id: "S3", url: "https://docs.midas.app/resources/legal-structure" },
    { id: "S4", url: "https://docs.midas.app/tokens/mtbill" },
    { id: "S5", url: "https://docs.midas.app/resources/legal-documents/investment-disclaimer" },
    { id: "S6", url: "https://docs.midas.app/resources/eligibility-and-compliance" },
    { id: "S7", url: "https://docs.midas.app/liquidity/open-liquidity-architecture" },
    { id: "S8", url: "https://docs.midas.app/developers/smart-contract-addresses" },
    { id: "S9", url: "https://docs.midas.app/tokens/mbasis" },
  ]}
/>


# Asset transfer count methodology

## 1. Overview

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token transfers
- **Other blockchain events**: Token transfers, withdrawals, and mint events across non-EVM chains (Solana, Aptos, Near, Polkadot Asset Hub, Stellar, and others)
- **Asset metadata**: Token addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract and count raw transfer events

- **Purpose**: Identify and count individual token transfer events on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, ERC-20 token transfers are parsed and counted. On Solana, SPL token transfers are parsed and counted. On Aptos, Near, and Ripple, token transfers and withdrawals are parsed and counted. On Stellar, classic token withdrawals and Soroban token transfers are aggregated. On Sui, token withdrawals and token mint events are aggregated. On Cardano, UTXO withdrawals and token mint events are aggregated. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed.
- **Key fields**: `token_address`: The unique identifier of the token contract or asset. `block_timestamp`: The timestamp of the transaction block.

### Component B: Daily aggregation and zero-filling

- **Purpose**: Aggregate the daily transfer counts per asset and ensure continuous time-series data.
- **Logic**: The extracted transfer counts are aggregated daily for each token address on its respective chain. For days where no transfer activity is recorded for a tracked asset, the time series is filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The daily count of transfers per token on a specific chain.

### Component C: Final aggregation

- **Purpose**: Combine the daily transfer counts across all supported chains for each asset.
- **Logic**: The daily transfer counts from all individual chains are combined. Token addresses are mapped to unique asset identifiers using asset metadata. The final daily asset transfer count is then aggregated across all chains for each asset.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The total aggregated daily transfer count for the asset.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of transfer transactions involving the asset.

Asset transfer count

Tokenized funds

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Real-world asset (RWA) issuers

Midas

Midas mTBILL (mTBILL) is a token providing exposure to a tokenized fund issued by Midas through Midas Software GmbH and managed by BlackRock and SuperState.

Each token is a synthetic instrument that provides contractual exposure to the reference asset.

The fund is open-ended, invests in U.S. government debt, and charges a 0% annual management fee.

Holders rank as unsecured creditors of the issuer in insolvency.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Midas in USDC after completing KYC, and holders have a right to redeem at net asset value with monthly settlement.

Midas Software GmbH is offered under an EU-approved prospectus and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Germany.

mTBILL has been issued on public blockchains since December 2023 and is native to Ethereum and Base.

Midas mTBILLmTBILL