Sentora has opened a curated lending vault on Morpho that accepts mWIN as collateral, linking DeFi borrowing activity to a credit portfolio managed by Wellington Management. Wellington, the Boston asset manager, had more than $1.3 trillion in assets under management as of December 2025, according to the article.
mWIN was issued by Midas on Aug. 5. Midas described it as “the first time an institutional investment manager of this scale has brought a diversified credit strategy to market through native onchain issuance,” meaning the strategy was built as a token from the start instead of being wrapped later from an existing fund.
Wellington serves as strategy manager. Northern Trust is the custodian. The vehicle is structured as a Luxembourg securitization compartment owned by an orphan trust.
Vault nears cap as most of the token supply is tied up
The Sentora mWIN Main vault takes deposits in PYUSD, PayPal’s stablecoin. According to Morpho’s API, it held 9,647,369 PYUSD against a 10,000,000 PYUSD cap at 17:45 UTC on Aug. 6. The vault charges a 15% performance fee and no management fee. Deposits are not gated, so any wallet can lend into it.
Underneath, the setup uses a single Morpho market that pairs mWIN as collateral with PYUSD as the borrowed asset at a 77% liquidation loan-to-value ratio. Borrowing stood at $3.91 million against $6.44 million in posted collateral, for a 40.5% utilization rate. Earlier in the day, borrowing was roughly $500,000.
Supply is limited. The contract’s total supply was 57.13 tokens, and at the oracle price of $130,424 per token, The Defiant calculated about $7.45 million outstanding from onchain data. The article said the collateral posted in Sentora’s market represented 86% of all mWIN in existence.
Most of the yield comes from PYUSD incentives
The vault’s net APY was 8.31%. Excluding incentives, that figure dropped to 0.70%. According to Morpho’s public GraphQL API, a PYUSD-denominated reward stream paying 7.61% APR made up the difference.
At current utilization, the underlying market was paying a 0.82% supply APY, while borrowers were charged 2.04%.
Midas said the strategy draws on collateralized loan obligations, commercial and residential mortgage-backed securities, other asset-backed paper, and investment-grade corporate bonds. Sentora put the current yield at about 5%. Subscriptions are currently taken in USDC and PYUSD on Ethereum, with a Monad deployment and AUSD subscriptions marked as coming soon.
Sentora flags duration and credit risk
Anthony DeMartino, Sentora’s chief executive, said the token carries duration and credit risk that a yield-bearing stablecoin does not.
“mWIN is a performance-linked RWA, not a yield-bearing stablecoin,” DeMartino wrote. “Its underlying exposures are primarily sensitive to interest rates and public credit spreads. If either rises materially, the token price can reflect that move.”
He added that “in extreme tail events, such as a global financial crisis or COVID style market shock, total return could turn negative,” and told investors to “size their leverage accordingly.”
DeMartino also explained why Sentora was willing to accept the asset as collateral. “We believe T+1 mint and redeem is the minimum threshold for an asset to function effectively as DeFi collateral; quarterly redemptions with caps simply do not work,” he wrote.
Midas said mWIN supports daily redemption, with a fee-free standard option settling on the natural timeline.
Wellington’s second tokenized-market appearance
This marks Wellington’s second appearance in tokenized markets. In October 2024, it served as sub-adviser to the Delta Wellington Ultra Short Treasury On-Chain Fund. That product followed a Treasury strategy rather than a credit strategy.
Sentora was formed in May 2025 through the merger of IntoTheBlock and Trident Digital, with $25 million in backing. The company curates risk parameters for institutional DeFi positions. According to DefiLlama, Sentora’s curated total value locked hit an all-time high of $2.21 billion on Aug. 6 and later stood at $2.19 billion, spread across Ethereum, Ink, Solana, Tempo, and Stellar.
The article noted that this pattern is no longer new: traditional credit managers put their name behind a token, and that token then becomes DeFi collateral. In April 2025, Securitize and Gauntlet brought an Apollo credit fund onchain. In August 2024, Centrifuge launched real-world asset lending markets on Morpho vaults on Base.
According to CoinGecko, MORPHO traded at $1.90 with a market capitalization of $1.24 billion, down 5% over the past seven days.