Wellington Management has partnered with Midas to launch mWIN, a tokenised institutional credit strategy designed to operate directly within on-chain financial markets.
The actively managed fixed income portfolio spans CLOs, CMBS, RMBS, ABS and investment‑grade corporates, with Northern Trust providing independent daily pricing through a Luxembourg securitisation vehicle.
The launch marks one of Wellington’s most advanced steps into digital capital markets, extending the firm’s tokenisation work into strategies built for on-chain liquidity, composability and collateral use.
“mWIN represents the next step in Wellington’s work with firms building the future of digital capital markets,” said Mark Garabedian, director of digital assets and tokenisation, at Wellington Management. “We’re partnering with innovative issuers, such as Midas, to bring institutional‑quality investment strategies on chain while maintaining the portfolio construction, research, and risk management disciplines our clients expect.”
Rather than wrapping a static pool of assets, mWIN is linked to an actively managed, multi‑sector fixed income portfolio with defined parameters for duration, spread duration and credit quality. Wellington adjusts exposures in response to macro conditions, liquidity and security‑level fundamentals, allowing the strategy to rotate across sectors as markets evolve.
The product is issued through a Luxembourg Securitisation Vehicle structured as a multi‑compartment entity, with each compartment representing a legally segregated pool of assets and liabilities. Northern Trust holds the off-chain assets in segregated accounts and provides daily independent pricing for NAV calculation. Midas maps each compartment directly to an on-chain mToken, creating a one‑strategy‑one‑token structure designed to meet institutional requirements for bankruptcy remoteness and transparency.
mWIN is intended to operate within DeFi markets from day one. Sentora has assessed the strategy against liquidity and risk parameters for use in on-chain lending markets and will curate a dedicated Morpho market where PayPal’s PYUSD serves as the loan asset and mWIN is accepted as collateral. Additional integrations, including Aave’s Horizon Market and RWA Hub, are planned.
Wellington said the launch reflects growing institutional interest in tokenised investment strategies that preserve traditional portfolio construction and risk disciplines while benefiting from modernised market infrastructure.
Subscriptions are live on Ethereum mainnet in USDC and PYUSD, with Monad support to follow. Investors can access mWIN directly through Midas or via Sentora’s Morpho vault for composable exposure.
