London, United Kingdom, August 10th, 2026, Chainwire
Midas is partnering with Wellington Management to launch mWIN, an institutional credit strategy issued natively onchain through a Luxembourg Securitisation Vehicle. The launch marks a new step in Midas’ mission to bring institutional investment strategies onchain, combining professional portfolio management with the transparency, liquidity and composability of blockchain infrastructure.
mWIN is a tokenised investment strategy linked to an actively managed, multi-sector fixed income portfolio, with defined parameters for duration, spread duration and credit quality. Wellington Management acts as strategy manager, while Northern Trust serves as institutional custodian. On day one, Sentora brings mWIN into DeFi as collateral on Morpho – with more integrations such as Aave's Horizon Market and RWA Hub coming soon.
Bringing Active Investment Strategies Onchain
Midas is designed to move beyond the static tokenisation of individual assets by bringing the investment strategies built around those assets onchain.
Most RWAs currently onchain are static, tracking a fixed basket or wrapping a single underlying asset. mWIN takes a different approach. Wellington actively adjusts the portfolio in response to macroeconomic conditions, liquidity and security-level fundamentals, allowing exposures to rotate across sectors as market conditions change.
The result is an institutional fixed income strategy that is not simply represented onchain, but built to operate within onchain financial markets. mWIN is designed to be used as collateral in lending and leveraged strategies from day one, creating a bridge between traditional portfolio management and DeFi’s composable financial infrastructure.
The underlying portfolio spans collateralised loan obligations (CLOs), commercial mortgage-backed securities (CMBS), agency and non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), and investment-grade corporate bonds. It is actively managed within defined thresholds for effective duration and average credit quality.
Midas’ Institutional Architecture
mWIN is issued through a Luxembourg Securitisation Vehicle structured as a multi-compartment vehicle. Each compartment is a legally segregated pool of assets and liabilities, providing bankruptcy remoteness from other compartments and from Midas itself.
This creates a direct mapping between the investment strategy and its onchain representation: one compartment, one strategy, one mToken. Northern Trust holds the offchain assets in segregated accounts and provides independent daily pricing of the underlying assets for NAV calculation.
Midas’ role extends beyond issuance. mWIN sits within an institutional architecture designed around three core components: liquidity, transparency and composability.
The Midas Open Liquidity Architecture is designed to provide reliable, instant redemptions through a structured liquidity waterfall. It combines an internal liquidity sleeve, Midas Staked Liquidity (MSL) and an OTC Liquidator Network, allowing holders to access liquidity through different routes depending on their needs.
MSL is the core of the architecture, providing instant liquidity without requiring capital to sit inside the underlying strategy and therefore avoiding the cash drag that can come with a large liquidity buffer. The OTC network provides an additional secondary-market exit through third-party market makers and RFQ platforms.
Midas also operates an Attestation Engine that provides independent, cryptographically verifiable attestations of compartment composition and reporting. Together with native DeFi compatibility, these systems are designed to make institutional investment products transparent, liquid and composable once they are onchain.
Wellington Management and DeFi Access
Wellington Management, which manages more than $1.3 trillion in assets, is responsible for portfolio construction and ongoing management of the mWIN strategy. Its participation brings institutional credit expertise to a product designed specifically for onchain markets.
> “mWIN represents the next step in Wellington’s work with firms building the future of digital capital markets. Building on our prior tokenization initiatives, we’re partnering with innovative issuers, such as Midas, to bring institutional-quality investment strategies onchain while maintaining the portfolio construction, research, and risk management disciplines our clients expect,” said Mark Garabedian, Director of Digital Assets and Tokenization at Wellington Management.
Meanwhile, Sentora has assessed mWIN against the liquidity and risk requirements for use in onchain lending markets and will curate a dedicated Morpho market where PayPal’s PYUSD serves as the loan asset and mWIN is accepted as collateral.
mWIN is live on Ethereum mainnet, with subscriptions available in USDC and PYUSD, and is coming soon to Monad. Investors can access mWIN directly through Midas or gain composable exposure through Sentora’s Morpho vault.
About Midas
Midas is a platform for composable onchain investment products, giving investors exposure to institutional strategies managed by professional investment firms through performance-linked mTokens. Its products combine institutional investment expertise with transparency, instant redemptions and native DeFi composability.
Founded in 2024 by Dennis Dinkelmeyer, Fabrice Grinda and Romain Bourgois, Midas has facilitated more than $2 billion in asset issuance and paid out more than $46 million in yield to date. The company recently raised $50 million in Series A funding, backed by investors including RRE, Creandum, Framework Ventures, HV Capital, Ledger Cathay and Coinbase Ventures.
Contact
Senior Account Manager
Imogen Searra
YAP Global
[email protected]