Issuance & Redemption

mBASIS issuance

Step 1: Transfer stablecoins to Midas

Once you complete the onboarding process, you can purchase mBASIS by sending USDC to the Midas platform. This is performed by interacting with the mBASIS module on midas.app/mbasis.

Before being put to work in the strategy, the stablecoins transferred to Midas are safely stored in a leading custody solution (Fireblocks).

💡 When you purchase mBASIS from Midas for the first time, a minimum investment of 120,000 USDC is required. There are no minimums for the following transactions.

Professional Investors under MIFID are exempt from any minimums.

Step 2: Receive your mBASIS tokens

Midas will acknowledge your deposit within five business days, typically after the next weekly mBASIS NAV (price) update.

When acknowledging your investment, Midas converts the proceeds into mBASIS, applying the latest mBASIS NAV price. The mBASIS tokens are automatically sent to your wallet.

Day	mBASIS NAV	Events
3/1/2024	99.98 USDC	You send 1m USDC
3/2/2024	100 USDC	Midas acknowledges your 1m USDC transfer, and you receive 10,000 mBASIS tokens (=1m/100)

mBASIS redemption

Step 1: Transfer your mBASIS tokens to request a redemption

You can redeem your mBASIS tokens for USDC on the Midas platform.

This is performed by interacting with the mBASIS module on midas.app/mbasis.

Step 2: Redemption request acknowledgment

Midas acknowledges the redemption request within one business day and informs the asset manager to return your USDC.

USDC is generally returned within 30 days to safeguard principal value.

💡 Even after requesting a redemption, you keep earning the mBASIS yield until you receive your USDC back.

Step 3: Receive your stablecoins

Midas calculates the amount of USDC to be returned based on the mBASIS NAV currently in effect when the asset manager releases the USDC. This USDC is then transferred to your wallet.

Example:

Day	mBASIS NAV	Events
3/1/2024	99.98 USDC	You request a redemption of 10,000 mBASIS tokens. Midas acknowledges your redemption request and informs the asset manager about it.
3/31/2024	100 USDC	The asset manager returns USDC to Midas. The NAV in effect is used to compute the USDC amount you will receive.

You receive 1m USDC (=10,000 * 100)

---

Can I change my recipient wallet during the waiting period?

Yes, you can change your recipient wallet. Don't hesitate to get in touch with our team at [e-mail].

Can I cancel my redemption request during the waiting period?

Redemption requests cannot be canceled at this time. That said, you can repurchase mBASIS after receiving your USDC.