Summary

  • Hyperithm said tokenized assets at portfolio company Midas have surpassed $700 million.
  • Midas said it roughly doubled assets under deposit in about six months after its Series A round, bringing total funding to $58.75 million.
  • Midas said it expanded assets through RWA tokenization and private credit-based products, with $2.1 billion in tokenized asset issuance and $43 million in returns paid to investors.

Forecast Trend Report by Period

Global digital-asset investment firm Hyperithm said on Nov. 9 that tokenized assets at its portfolio company Midas have surpassed $700 million.

Midas is a real-world asset, or RWA, tokenization platform that issues blockchain-based products linked to traditional financial assets. About six months after raising $50 million in a Series A round in March, the company had roughly doubled assets under deposit. Investors in the round included global asset manager Franklin Templeton and Coinbase Ventures, the investment arm of U.S. crypto exchange Coinbase.

The Series A round was co-led by U.S. venture capital firm RRE Ventures and Sweden-based Creandum. Framework Ventures, HV Capital, Cathay Ledger Fund, North Island Ventures and GSR also participated. Coinbase Ventures joined the follow-on round after investing in Midas's 2024 seed financing, bringing the company's total funding to $58.75 million.

Assets under deposit at Midas topped $500 million in June and $600 million in August, then reached $700 million at the end of September. The latest $100 million increase took only about seven weeks. Since its 2024 launch, cumulative tokenized asset issuance has reached $2.1 billion, while returns paid to investors totaled $43 million.

Products developed with global asset managers contributed to the asset growth. mGLO and mGLOBAL, which use private credit strategies from U.K.-based Passerena Capital, attracted a combined $100 million within weeks of launch. mGLOBAL was adopted as collateral on Horizon, the institutional market of decentralized finance lending protocol Aave. Midas also operates mAPOLLO, based on investment strategies from U.S.-based Apollo, while more than $200 million has flowed into white-label products tailored for institutions.

The broader market for tokenized real-world assets is also growing rapidly. According to RWA.xyz, real-world assets issued on blockchain totaled about $38.8 billion as of September, more than triple the level a year earlier. Of that amount, tokenized assets tied to U.S. Treasuries and money-market funds accounted for $15.6 billion. Midas is expanding beyond the Treasury-centered tokenization market into products tied to private credit and other asset classes.

In addition to Midas, Hyperithm has invested in financial infrastructure companies including JPYC, a Japanese yen stablecoin issuer, and Concrete, a U.S. institutional DeFi infrastructure company. It has made venture investments in about 30 companies so far and is focused on digital-asset financial services that align with regulatory frameworks across jurisdictions.

"Tokenization is an area where success depends less on what is put on-chain than on the legal structure used to put it there, and Midas is the team that has designed that structure most precisely within Europe's regulatory framework," Hyperithm CEO Oh Sang-rok said. "The fact that a traditional asset manager like Franklin Templeton came in as a shareholder proves that."

Hyperithm CEO Lee Won-jun added, "At a time when institutional investors in Hong Kong, Singapore and Tokyo are seriously reviewing on-chain yield products, the fact that a platform like Midas has already matured is meaningful for the Asian market."

Suehyeon Lee