v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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mTBILL

Midas · Tokenized T-bill certificate · Ethereum · as of 2026-07-11

Tokenized T-bill exposure from a smaller issuer with a European prospectus posture and deep DeFi integrations. The structure is sound; the grade is capped by scale and by verification depth available for this review.

B
70.8
provisionalconf medium
Haircut: 17.5%
base 14% (B) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves80 · 25%
T-bill exposure via issuance program; attestations published, verify cadence. [1]
Redemption & exit60 · 20%
Issuer redemption with gates typical of the tier; secondary liquidity limited. [1]
Counterparty & custody72 · 15%
Custody and banking stack disclosed; smaller-issuer operational risk. [1]
Peg & market infrastructure70 · 15%
NAV token; used in Morpho markets — oracle treatment needs per-market review. [1]
Leverage & rehypothecation70 · 15%
Collateral use growing via curated vaults. [1]
Transparency & governance70 · 10%
Good docs; entity/team disclosure adequate, thinner than the regulated tier. [1]
What would change this grade: Full attestation trail + custodian confirmation would likely lift confidence to high and the grade toward B+.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1