Tokenization Platform Midas Launches mBASIS to Compete with Ethena

BlockBeats news, on June 21, according to TheBlock, the tokenization platform Midas, supported by Coinbase Ventures and others, announced the launch of an ERC-20 token called mBASIS, denominated in US dollars, aiming to achieve returns through delta neutral basis trading strategies.

The mBASIS token is similar to Ethena Labs's yield token sUSDe (the pledged version of its USDe "synthetic dollar"). Fabrice Grinda, executive chairman of Midas Labs, said that the decision to launch mBASIS was because they felt they could create a better product than Ethena.