Midas Launches mGLOBAL Token on Aave Horizon

mGLOBAL is an ERC-20 token issued natively on Ethereum that tracks Fasanara's Global Fund, which follows the same investment strategy as the Global Diversified Alternative Debt Fund while enabling on-chain liquidity. The token is structured under Luxembourg securitisation law, as amended on 8 March 2022, and is supervised by the CSSF in Luxembourg, with Germany also listed as a relevant legal jurisdiction. The regulatory perimeter limits participation to professional investors and non-U.S. accredited investors.

Aave Horizon, the permissioned institutional lending market launched by Aave Labs on Ethereum, was designed to meet regulatory requirements for permissioned RWAs and is built on Aave Protocol version 3.3. At its August 2025 launch, the market accepted collateral from Superstate — including its USTB and USCC tokens — and Centrifuge's JRTSY and JAAA products, with Circle's USYC flagged for near-term addition. Stablecoin lenders on the platform can supply GHO, RLUSD, and USDC. The mGLOBAL listing extends the collateral menu to include Fasanara's alternative debt exposure, adding a private credit instrument to a set of collateral options that had been concentrated in short-duration U.S. Treasuries and investment-grade structured products.

Fasanara Capital, headquartered in London, crossed $4 billion in assets under management as of 2022 and operates a global network of 141 fintech loan originators across more than 60 countries. The firm had already established an on-chain presence before the Aave Horizon integration: Fasanara previously launched two tokens — mf-One and mGlobal — on Ethereum and integrated them with Morpho, a DeFi lending protocol. As of the time of that integration, over 33% of all mf-ONE tokens in circulation were deposited into Morpho vaults, backing more than $11 million in USDC borrowings. The mGLOBAL listing on Aave Horizon extends that collateral-borrowing model to a second institutional lending venue.

Fasanara's on-chain activity sits within a wider cohort of structured-credit managers that have moved onto public blockchains. Maple Finance, FalconX, Apollo, and Wintermute-backed Wildcat have all launched tokenized credit products in the same period, according to analysis published by Gogol on Substack. CoinDesk's coverage of the Aave Horizon launch noted that the tokenized RWA market had surpassed $26 billion at that time, while the Aave V3 protocol itself held more than $66 billion in assets according to DefiLlama data. Chainlink's NAVLink oracle service supplies real-time net asset values for tokenized funds on the platform, providing the pricing infrastructure that collateral valuations depend on.

Aave Horizon's broader institutional network at launch included Ant Digital Technologies, Ethena, KAIO, OpenEden, Ripple, Securitize, VanEck, and WisdomTree alongside the initial collateral providers. The mGLOBAL addition was not part of that original cohort, making it among the first post-launch collateral expansions for the platform.

Several material terms of the mGLOBAL integration on Aave Horizon have not been disclosed publicly. The announcement does not specify the loan-to-value ratio applied to mGLOBAL collateral, the maximum collateral threshold per institutional counterparty, or the liquidation mechanics that would apply during periods of illiquidity in the underlying alternative debt portfolio. The redemption timeline for mGLOBAL — a relevant consideration given the short-duration but illiquid nature of trade receivables and invoice financing — has also not been published. The mGLOBAL listing establishes that qualified institutions can now post the token as collateral on Aave Horizon to borrow USDC, but the specific risk parameters governing that borrowing, and the operational procedures for handling collateral shortfalls, remain undisclosed in available sources.