Wellington Management is Strategy Manager of Onchain Fund

Introducing mWIN: a tokenised RWA built for institutional credit to function as onchain collateral.

Wellington Management acts a the strategy manager. @MidasRWA issues the token. Sentora brings mWIN into DeFi as collateral on @Morpho

Read more:https://t.co/94idjZqgto

— Sentora (@SentoraHQ) August 5, 2026

First, most RWAs today are simply tokenised versions of existing ETFs or funds. These vehicles are typically designed to deliver specific exposures rather than a balanced portfolio. While investors can theoretically construct diversified holdings by combining multiple ETFs and funds, few products actually deliver that diversification out of the box. For a tokenised RWA to thrive in DeFi, it must strike the right balance between yield and liquidity. The market currently offers a stark trade-off: high-liquidity assets with low yields, or high-yield assets with poor liquidity. Neither option works well in DeFi protocols, thus the lack of adoption.

Second, liquidity remains a critical bottleneck, both in mint/redeem mechanics and secondary market depth. 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. Moreover, maintaining large-capacity T+1 liquidity is far more capital-efficient than tying up the balance sheet in constant DEX pool provisioning. Many traditional asset managers still face regulatory or operational barriers to deploying capital directly on-chain, further limiting liquidity options.

mWIN was created precisely to solve these problems and unlock large-scale DeFi growth.

Strategy

Developed in close collaboration between Wellington, Midas, and Sentora, mWIN was engineered from the ground up for onchain use. Wellington designed a carefully curated portfolio, while Sentora designed the DeFi and collateral integration. This combination delivers attractive yield while meeting the stringent liquidity standards required by money-market and lending protocols. Wellington’s role relates to the underlying investment strategy and portfolio construction.

The token’s core exposures were selected to create a balanced, high-conviction product:

• Investment-grade corporate bonds for stability, paired with secondary market liquidity
• CLOs (collateralized loan obligations) for additional yield and a natural hedge against interest-rate risks
• CMBS, agency and non-agency RMBS, and ABS for strong yield across real-estate and asset-backed credit

This combination currently yields ~5% while supporting daily (T+1) mint and redeem. This is a critical component of the strategy, enabling mWIN to function as practical, capital-efficient collateral across decentralized markets.

mWIN on Morpho

At launch, Sentora curates a dedicated Morpho vault that pairs mWIN with PayPal’s PYUSD stablecoin. PYUSD serves as the loan asset, mWIN is accepted as collateral, and the vault connects to a single isolated market. Sentora oversees the market’s risk parameters, including the LLTV, market exposure limits, supply caps, oracle assumptions, and liquidation conditions. The integration is the first step in a broader partnership to bring tokenised institutional credit into DeFi’s productive capital layer.

Conclusion

In conclusion, mWIN is the first of its kind RWA that successfully balances yield, liquidity, access, and true DeFi viability. It sets a new standard for how tokenised real-world assets can scale on-chain. We implore investors and speculators to DYOR on this opportunity before engaging. Once the work is done, we are confident that this structure will prove highly attractive and serve as the blueprint for the next wave of RWA growth in DeFi.

— ADM, Sentora HQ

Disclaimer: Wellington’s role is limited to managing the underlying investment portfolio and does not extend to other aspects of the structure or product. The views, opinions, assumptions and conclusions expressed in this article are those of the author and do not necessarily reflect the views of Wellington Management

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Source: Sentora

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