mTBILL is a blockchain-based certificate issued by Midas Software GmbH that seeks to track the performance of short-term U.S. Treasury Bills. On-chain, your holding is a token: the number of tokens you hold stays constant while the token price changes over time. The product is provided by Midas; Midas lists BlackRock and Superstate as strategy managers for mTBILL. You buy and sell mTBILL with USDC in the Bron web or desktop app; the mobile app shows your mTBILL transactions.
Bron is a non-custodial software interface. Buying and selling mTBILL is provided by Midas. Bron does not issue mTBILL and does not hold, manage, or control your assets at any time. On every buy and every sell you confirm that you accept the Midas terms and risk disclosures and that you meet the eligibility requirements. Buying and selling mTBILL requires a verified Bron account, and access is subject to sanctions and eligibility screening by both Bron and Midas.
How mTBILL Works
Midas updates the token price on business days; updates may not happen on weekends or market holidays. Interest attributable to the underlying Treasury Bills is reflected in the token price, net of Midas's fees — nothing is paid out: the number of mTBILL tokens you hold stays the same, while the token price may change over time. mTBILL is transferable on-chain subject to Midas's terms: transfers settle only to wallet addresses approved ("greenlisted") by Midas, and Midas may block or freeze tokens where required by law.
Two screens carry the product. The asset page shows your balance, your position and any pending sell, with the Buy and Sell buttons. The product page, which opens from Read full factsheet or from Buy and Sell, shows the current price with today's change, the estimated APY (published by Midas; indicative and not guaranteed) and TVL, the full factsheet (strategy, distributions, sell timeline, fees, transferability, risks), the verified contract addresses for each network with explorer links, the Midas attestation engine, and the regions where mTBILL is not available.
Before you start
Networks. mTBILL is available on Ethereum and Base. You pick the network in the buy form, and the USDC you pay with has to be on that same network. Network fees and instant sell capacity differ between the two.
Buy or Sell greyed out, or not there at all. Buying and selling need the matching permissions in your workspace. If you can see the button, hover it for the reason; otherwise ask your workspace admin to check your permissions. If the admin confirms they are granted and you still cannot find the product, contact support — mTBILL is not enabled for every workspace.
Transaction limits. A buy or sell is subject to your workspace's transaction limits like any other transaction. If the amount is over a limit, the order screen says so and the transaction cannot be confirmed until the amount is lowered or an admin changes the limit.
How to Buy mTBILL
⚠️ mTBILL involves risk, including possible loss of principal. Review the Midas documents before you buy.
Open the Earn panel and pick U.S. Treasury Bills under "Other products". Once you hold mTBILL you can also open its asset page and click Buy there.
Click Buy, select the account, choose the network if more than one is available, enter the amount of USDC to pay with, and click Preview.
Review the order: estimated APY and estimated annual yield (both indicative, sourced from Midas), total to pay, price and the network fee. The network fee appears once the estimate is ready.
Tick the consent box to accept the Midas Terms and Conditions, Qualified Subordination and Risk Disclosures, and to confirm you meet the Eligibility Requirements. This box appears on every order.
If the account cannot cover the network fee, a Power Bank block appears and nothing below it can be pressed until it is resolved. Power Bank is the small balance you keep for network fees: press Use Power Bank to send gas to the account, or Top up Power Bank first if it is empty.
If prompted, click Allow Midas to access your USDC. This approval is a separate transaction that you sign first and it has its own network fee; Confirm unlocks once it is done. The approval covers only this order's amount, so you will be asked again next time.
Click Confirm and sign the transaction.
A purchase may take a few minutes to complete. You can safely close the window and check the status in the Transactions section.
💡 No USDC yet? You can buy crypto with fiat or swap another asset into USDC first.
How to Sell mTBILL
You can request to sell at any time once you hold mTBILL. There are two selling types:
Instant sell — the USDC arrives shortly after you confirm, with a small fee taken in mTBILL. It is limited by the instant capacity shown in the form: this is Midas's shared redemption liquidity, so it can be zero at times and refills over a few business days.
Standard sell — processed by Midas within 1–3 business days, with no fee. The final amount is based on the price at execution.
To sell, open the mTBILL asset page and click Sell — the button appears once you hold mTBILL. The panel opens on the Sell tab: choose the selling type, enter the amount and click Preview, then tick the consent box and confirm. As with buying, you may first be asked to click Allow Midas to access your mTBILL and sign that approval separately.
If your amount is above the available instant capacity, reduce it or continue with a standard sell; the same happens if the capacity runs out between Preview and Confirm, and the order returns to the form switched to Standard.
A standard sell appears as a Pending sell row on the asset page while Midas processes it. Those tokens have already left your wallet and are locked in the redemption contract until the order settles, and a signed sell order cannot be cancelled. If you have several sell orders, the row shows them together — open Transactions to follow each one.
Fees
Fees for the product are set and charged by Midas; the authoritative fee schedule is in Midas's product documents:
Management fee — 0%.
Performance fee — 5%, applied to the raw performance. The token's price growth is already net of this fee.
Instant sell fee — shown in the sell form (0.07%) and taken in mTBILL. Standard sell has no fee.
Network fees apply when buying and selling, including for the approval transaction. These are paid to the blockchain network, not to Bron.
Availability
mTBILL is not available in some regions. Eligibility is checked by both Bron and Midas, based on the country of your current location, and it is checked on selling as well as on buying. The product page lists the restrictions upfront, naming your current location and the number of other restricted regions, and you can expand it for the full list. If your location cannot be determined, for example behind a VPN, the order is blocked in the same way as a restricted country, so travelling or using a VPN can also stop you from selling.
mTBILL is a security — a blockchain-based certificate issued by Midas Software GmbH under an EU base prospectus. The prospectus, final terms and key information document are available at midas.app/legal. It is not a bank deposit, is not insured by the FDIC, SIPC or any government agency or deposit protection scheme in any jurisdiction, and is not issued or guaranteed by Bron. Ensure it is lawful for you before buying.
⚠️ mTBILL involves risk, including possible loss of principal. Rewards are not guaranteed, and past performance is not indicative of future results. Review the Midas documents before continuing. Nothing in this article constitutes financial, investment, legal, or tax advice. Availability may vary by jurisdiction, and it is your responsibility to ensure compliance with applicable local laws and regulations.
If you have questions, contact our support team via messenger on the Bron platform or by email at support@bron.org.