The open-access vault lets wallets lend PYUSD against mWIN, a tokenized Luxembourg credit strategy managed by Wellington Management and structured for daily redemption rather than gated exits.
Sentora has opened a Morpho vault that takes deposits in PYUSD and lends against mWIN, a Midas-issued token tied to an actively managed Luxembourg credit vehicle run by Wellington Management and custodied by Northern Trust. Midas says mWIN is the first native onchain issuance of a diversified credit strategy by an institutional investment manager of that scale, and Sentora says the asset's daily redemption profile meets the minimum standard needed for DeFi collateral. The underlying Morpho market lets users borrow PYUSD at a 77% liquidation loan-to-value; by 17:45 UTC on Aug. 6, the vault held 9,647,369 PYUSD against a 10 million PYUSD cap, with $3.91 million borrowed versus $6.44 million of collateral and utilization at 40.5%, up from roughly $500,000 earlier in the day. Supply remains tight: only 57.13 mWIN existed, implying about $7.45 million outstanding at the oracle price, and 86% of that supply was posted as collateral in the Sentora market. The vault's net APY was 8.31%, but only 0.70% came from base lending economics, with a 7.61% PYUSD reward stream accounting for most of the return, while the underlying Wellington-linked credit strategy was yielding about 5%.