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.
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.
