$40M MSL capacity against $500M+ TVL = roughly 8% instant liquidity coverage. That's maturity transformation in an ERC-20 wrapper — works great until redemptions cluster, and in crypto they always cluster. Franklin Templeton backing this while running their own FOBXX tokenized fund on Stellar says they see Midas as a DeFi distribution layer they can't build in-house. The composability moat is legit, but that instant-redemption promise is only as deep as the backstop.

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