Midas mF-ONE is a tokenized investment certificate designed to provide blockchain-based exposure to the F-ONE strategy managed by Fasanara Capital. This strategy encompasses a diversified portfolio of private credit and digital assets. Midas mF-ONE enables qualified investors to access institutional-grade real-world credit returns via a decentralized finance (DeFi) platform, specifically within lending markets such as Morpho. The product was launched in 2025 by Midas, a tokenization firm that collaborates with Fasanara Capital and the DeFi protocols Morpho and Steakhouse. ^[1]

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Overview

Midas mF-ONE is a tokenized investment certificate that represents on-chain exposure to the F-ONE investment strategy managed by Fasanara Capital. The strategy combines private credit assets with delta-neutral digital asset positions. Introduced in 2025 by Midas in collaboration with Fasanara Capital and decentralized finance (DeFi) protocols, the asset is issued as an ERC-20 token on Ethereum.

The token provides blockchain-based representation of interests in the underlying strategy and is compatible with DeFi applications, including lending and collateralization. Its structure combines tokenization with an investment framework governed through established legal and regulatory arrangements. ^{[1] [3] [5] [6] [7]}

Background & Development

The mF-ONE token was launched to address the challenges associated with traditional private credit products by leveraging blockchain technology. It emerged from a collaboration between Midas, a platform known for creating yield-bearing tokens linked to U.S. Treasury-backed assets, and Fasanara Capital, a global private credit fintech lending specialist headquartered in London. The partnership aims to overcome liquidity issues typical in private credit markets by utilizing tokenization, which allows for on-chain settlement and redemptions. ^[2]​

Fasanara Capital brings a wealth of experience to this partnership with its flagship F-ONE fund, which invests in fintech-originate receivables, small and medium-sized enterprise (SME) lending, real estate-backed credit, and delta-neutral digital asset strategies. The fund targets a 15% yearly net return, stressing a diversified approach to manage liquidity and mitigate risks. ^[3]​

Design & Mechanism

The mF-ONE token operates as an Ethereum-based ERC-20 token, representing the net asset value (NAV) of the underlying F-ONE fund. ^[2] It integrates several layers of liquidity to balance target returns with investor accessibility. This includes the use of tokenized U.S. Treasury Bills (mTBILL) for atomic redemptions and liquidity management through Fasanara Digital's Pareto Vault, which applies delta-neutral digital asset trading strategies. ^[3]​

The token is designed for use in DeFi lending protocols, allowing investors to use it as collateral to borrow other assets such as USDC. This functionality is managed via the Morpho money market, where the mF-ONE/USDC market has been configured to offer an attractive loan-to-value (LTV) ratio and competitive lending rates. The system manages liquidity risk through a three-layer liquidity stack, which ensures that the token can withstand market pressures and facilitate redemptions under stress. ^[3]​

Use Cases & Applications

Midas mF-ONE offers various use cases for institutional and qualified investors. Primarily, it allows investors to gain exposure to a diversified private credit strategy, which includes fintech-originated receivables, SME lending, and real estate-backed credit. Moreover, the token enables participation in delta-neutral digital asset trading strategies, providing investors with options for yield generation across both traditional and crypto asset classes. The design also facilitates portfolio diversification, allowing investors to incorporate real-world credit markets into their DeFi portfolios. ^[4]​

Another significant application of the Midas mF-ONE token is as a collateral asset in DeFi protocols. Investors can utilize the token to secure loans, thereby enhancing liquidity without liquidating their underlying private credit investments. This capability highlights the token's utility in improving capital efficiency across blockchain-based financial systems. ^[5]​

Governance & Compliance

The governance structure of mF-ONE integrates legal and compliance frameworks to accommodate both DeFi and traditional finance participants. While the token is managed on-chain, its underlying assets are safeguarded through established financial regulations to ensure credibility and security. Fasanara Capital, overseeing the F-ONE fund, is regulated by the Financial Conduct Authority (FCA), reinforcing investor confidence. ^[3]​

The tokenization process employs a legal structure involving Special Purpose Vehicles (SPVs), which manage legal and financial arrangements off-chain while ensuring that on-chain operations are secure and compliant with existing financial regulations. ^[6]​

Ecosystem Role & Partnerships

Midas mF-ONE plays a pivotal role in the growing intersection between traditional financial markets and decentralized finance ecosystems. Its deployment on Ethereum's blockchain facilitates interaction with numerous DeFi platforms, thereby expanding access to institutional-grade investment products for a broader crypto audience. ^[7]​

Key partnerships with notable DeFi operators, including Morpho, enhance the product's integration within decentralized finance markets. The collaboration between Fasanara Capital and Midas exemplifies how traditional asset managers can innovate within the crypto space by leveraging blockchain's capabilities to optimize financial products. ^[1]​

In addition, strategic collaboration with other institutional partners and protocols positions mF-ONE as a bridge between legacy financial systems and the emerging DeFi landscape, promoting broader adoption of tokenized financial products and encouraging interoperability within the blockchain ecosystem. ^[2]​