Ok here we go - a review of the contentious $mHYPER. Based on @MidasRWA transparency page, we find that: 1) >90% of the investments by mHYPER are trackable and transparent on chain, except for $12.4m in the exchanges per Midas disclosure. For this, one has to reply on Midas weekly reports for accuracy. 2) mHYPER's investment style is "high risk, high return", e.g. investments in Stable pre-deposit (lock) and USDai, and Midas msyrupUSDp pre-deposit (lock and leveraged). 3) The portfolio is reasonably diversified. 4) Other than the two pre-deposits investments, 66% of the portfolio is liquid, in normal market circumstances. 5) The portfolio itself does not have material leverage. 6) The portfolio itself does not have material recursive lending. Again, we are not against recursive lending. 7) On the investments in Wildcat, there are not lending to other Hyperithm entities, but structures to hold investments. They are traceable (details in the attached link) and there's relevant disclosure in the Wildcat page. 8) Whilst we cannot verify the actual holdings nor the delta neutrality of the portfolio's basis trading investments, a quick sanity check on the $12.4m in exchanges: it's for the hedging of $HYPE holdings of $9.8m, a reasonable number given PnL movements in recent down market. Link here: Also pls check our article related to Midas and $mHYPER earlier. This and future updates of covered stablecoins will be added into our articles regularly.