March 2026
mTBILL Transparency Report
By Delta Y
Highlights
mTBILL is a USD-denominated Liquid Yield Token tracking short-term US Treasuries via direct ownership of tokenized securities, managed by BlackRock and SuperState. The vault was deployed on August 21, 2024, with regular price updates beginning on September 6, 2024, and data on protocols' allocations available since August 9, 2025.
During March 2026, mTBILL's AUM increased from $49.74M to $49.74M. The inception-to-date return (net of fees) now amounts to 3.56% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $44.62M | $49.76M (11.51%) |
Avg. APY | 3.10% | 3.44% (0.34 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $9.41M | -$545.05K (N/A) |
Performance
mTBILL reached a price of $1.0562 in its latest oracle update, reflecting a 0.27% return for the month of March. The trailing (7 days minimum) APY peaked at 4.02% during this period, with a minimum of 2.35%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mTBILL sUSDe | mTBILL sUSDe | |
Avg. APY | 3.05% 3.80% | 3.44% 3.51% |
Std. Dev. APY | 0.52% 0.47% | 0.32% 0.07% |
Sharpe Ratio 1 | -0.97 0.30 | -0.72 -2.41 |
1 Considered the 30D Avg. Secured Overnight Financing Rate (SOFR) as the risk-free rate for calculation purposes.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Real World Asset ($49.58M or 99.65%), Discretionary Capital Allocation ($104.64K or 0.21%) and Unallocated ($65.79K or 0.13%).
As of the reporting date, the vault's capital is deployed across 6 blockchains and 1 protocol.
More notably, mTBILL's capital allocation across the top 1 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mTBILL to the top 1 protocols over the last 2 months.
The vault's largest asset holdings for the month were USTB ($44.85M or 90.14%), BUIDL ($4.73M or 9.51%) and USDC ($145.26K or 0.29%), which have, on average, collectively represented 99.94%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
USTB | $45.36M 90.47% | $44.83M 90.13% |
BUIDL | $4.72M 9.42% | $4.74M 9.52% |
USDC | $30.99K 0.06% | $145.57K 0.29% |
pUSD | $24.90K 0.05% | $25.14K 0.05% |
ETH | $409.41 < 0.01% | $433.69 < 0.01% |
Unclassified | $493.52 < 0.01% | $0.00 0.00% |
Others | $31.63 < 0.01% | $31.42 < 0.01% |
Total Assets | $50.14M 100.00% | $49.74M 100.00% |
Activity
During March 2026, the vault processed $5.02M in deposits and $5.57M in withdrawals, resulting in -$545.05K of net deposits over a total of 217 transactions.
As of period end, the mTBILL vault had 5812 holder addresses, representing a decrease of 1.69% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $16.46M | $5.02M (-69.50%) |
Withdrawals | $7.05M | $5.57M (-21.09%) |
Net Deposits | $9.41M | -$545.05K (N/A) |
Avg. Holders NAV | $7.36K | $8.47K (15.11%) |
Median Holders NAV | $0.73 | $0.49 (-32.88%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mTBILL's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mTBILL, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.