Sentora is curating a Morpho lending vault that accepts as collateral a token backed by an actively managed credit portfolio run by Wellington Management, the Boston asset manager with more than $1.3 trillion under management as of December 2025.
The token, mWIN, was issued by Midas on Aug. 5. Midas says it is “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 rather than wrapped after the fact from an existing fund.
Wellington acts as strategy manager; Northern Trust is custodian; the vehicle is a Luxembourg securitization compartment owned by an orphan trust.
Almost All Collateral
The Sentora mWIN Main vault takes deposits in $PYUSD, PayPal’s stablecoin, and held 9,647,369 $PYUSD against a 10 million $PYUSD cap at 17:45 UTC on Aug. 6, according to Morpho’s API. It charges a 15% performance fee and no management fee. Deposits are not gated: any wallet can lend into it.
The single Morpho market underneath it pairs mWIN as collateral with $PYUSD as the loan asset at a 77% liquidation loan-to-value. Borrowing stood at $3.91 million against $6.44 million of posted collateral, a 40.5% utilization rate, up from roughly $500,000 of borrowing earlier in the day.
There is not much mWIN to go around. The contract’s total supply is 57.13 tokens, which at the market oracle’s price of $130,424 per token implies $7.45 million outstanding, per The Defiant’s calculation from onchain data. The collateral in Sentora’s market is 86% of every mWIN in existence.
$PYUSD Rewards
The vault’s net APY was 8.31%. Strip out incentives and it was 0.70%. A $PYUSD-denominated reward stream paying 7.61% APR accounts for the rest, according to Morpho’s public GraphQL API.
The underlying market pays a 0.82% supply APY at current utilization, with borrowers charged 2.04%.
The strategy draws on collateralized loan obligations, commercial and residential mortgage-backed securities, other asset-backed paper and investment-grade corporate bonds, per Midas. Sentora puts the current yield at about 5%. Subscriptions are taken in USDC and $PYUSD on Ethereum, with a Monad deployment and AUSD subscriptions flagged as coming.
Rates And Credit Risk
Anthony DeMartino, Sentora’s chief executive, wrote that 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 set out why Sentora was willing to take the asset as collateral at all: “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.”
Midas says mWIN supports daily redemption, with a fee-free standard option settling on the natural timeline.
Second Trip Onchain
This is Wellington’s second appearance in tokenized markets. In October 2024 it sub-advised the Delta Wellington Ultra Short Treasury On-Chain Fund, a Treasury strategy rather than a credit book, which The Defiant covered at the time.
Sentora was formed in May 2025 from the merger of IntoTheBlock and Trident Digital with $25 million in backing, and curates risk parameters for institutional DeFi positions. Its curated total value locked reached an all-time high of $2.21 billion on Aug. 6 and stood at $2.19 billion later in the day, according to DefiLlama, spread across Ethereum, Ink, Solana, Tempo and Stellar.
Traditional credit managers lending their name to a token that becomes DeFi collateral is an established pattern. Securitize and Gauntlet brought an Apollo credit fund onchain in April 2025, and Centrifuge launched real-world asset lending markets on Morpho vaults on Base in August 2024.
MORPHO traded at $1.90 with a $1.24 billion market capitalization, down 5% over seven days, according to CoinGecko.
