According to the announcement, the product was developed by Everstake and Midas (crypto firms) and deploys idle stablecoins via rate arbitrage and diversified lending across DeFi (decentralized finance) protocols such as Aave, Morpho, and Pendle.
Apollo Crypto said it will manage mEVUSD, a USDC (U.S. dollar stablecoin)-denominated tokenized yield product (on-chain interest token) created by Everstake and Midas (crypto firms). The strategy channels idle stablecoins into rate arbitrage and diversified lending on DeFi (decentralized finance) platforms including Aave, Morpho, and Pendle.