OCB — Quality Rating · Tokenized treasuries
mTBILL Quality Rating
mTBILL (Midas) scores 48/100 on OnChain Benchmark's RWA Quality Rating — rated Limited (methodology v1.6, as of Oct 10, 2026).
Updated daily
Quality score
48
of 100 · Limited
Dimensions measured
4
of 4
Chains
2
with measured supply
Why mTBILL scores 48
The biggest gap in mTBILL's score is how concentrated its ownership is.
Each dimension's score is multiplied by its weight and summed: 47.90 of a possible 100, rounded to 48.
Composite
48 / 100
| Dimension | Score |
|---|---|
Holder Concentration Ownership is concentrated: the top 10 holders across Ethereum and Base own 99.1% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 80% or less (9 of 25). | 4 / 25 |
Structural Trust The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5). Upgrade factorOversight by a major regulator with a recent audit. | 14 / 25 |
Redemption Liquidity Retail investors can redeem, with some friction; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (22 of 25). | 19 / 25 |
Disclosure Quality There is no independent way to check the holdings. The latest attestation is 1 day old, with 20 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly. | 15 / 25 |
OCB Instrument
Rating history
Key facts
Issuer, rubric and methodology
- Issuer
- Midas
- Asset class
- Tokenized treasuries
- Rubric
- RWA Quality Rating
- Methodology
- v1.6
- Last scored
- Oct 10, 2026
- What it is
- Midas-tokenized U.S. Treasury bill exposure via BlackRock's Treasury Bond fund, NAV-accumulating.
Chains
Share of measured supply by chain
With measured supply
2
| Chain | Share of measured supply |
|---|---|
| Ethereum | 99.5% |
| Base | 0.5% |
| Arbitrum | Inactive — not counted |
Evidence
Verified facts behind the rating
A sample of the verified facts behind mTBILL’s score. The full diligence trail is in the terminal.
Facts shown
3
| Dimension | Finding | Verified |
|---|---|---|
| Disclosure Quality | This fund publishes its net asset value to an onchain oracle, updated as the fund accrues. | Sep 14, 2026 |
| Disclosure Quality | Contract address verified on Base: 0xDD629E5241CbC5919847783e6C96B2De4754e438 (Base deployment) Address confirmed active onchain. | Jun 13, 2026 |
| Disclosure Quality | Contract address verified on Ethereum: 0xdd629e5241cbc5919847783e6c96b2de4754e438 (primary deployment) Address confirmed active onchain. | Jun 13, 2026 |
Cite this rating
Reference mTBILL’s rating
Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.
OnChain Benchmark (2026). mTBILL Quality Rating: 48/100 (Limited), as of Oct 10, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/mtbill
OnChain Benchmark (2026) 'mTBILL Quality Rating', OnChain Benchmark, Limited, 48/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/mtbill (Accessed: Oct 10, 2026).
@misc{ocb_mtbill_2026,
author = {{OnChain Benchmark}},
title = {{mTBILL Quality Rating}},
year = {2026},
note = {48/100, Limited, methodology v1.6},
url = {https://onchainbenchmark.com/instruments/mtbill}
}The interactive terminal shows every verified fact behind mTBILL's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.