mWIN Is Now Live on the Aave Horizon RWA Market

Starting today, mWIN is available on the Aave Horizon RWA Market. Aave is the world's largest onchain lending market, and Horizon is its dedicated market for tokenised real-world assets. Investors can now use mWIN, an actively managed investment-grade fixed income strategy, as collateral to borrow stablecoins and access liquidity, all while keeping exposure to the underlying strategy.

What is mWIN?

mWIN is a tokenised onchain investment product issued by Midas. It is linked to the performance of an actively managed, multi-sector investment-grade fixed income portfolio, purpose-built for onchain composability. The portfolio spans some of the most liquid asset classes in public fixed income: US treasuries, collateralised loan obligations, commercial and residential mortgage-backed securities, asset-backed securities and investment-grade corporate bonds. It is managed within defined thresholds for effective duration, spread duration and average credit quality.

Wellington Management, the appointed strategy manager, adjusts the portfolio's exposures on an ongoing basis in response to macroeconomic data, liquidity conditions and security-level fundamentals. That active management sets mWIN apart from most fixed income onchain, which sits static in a fixed basket or wraps a single sector. mWIN is not a stablecoin and does not operate as a vault. Instead, its value is determined by the Net Asset Value linked to the performance of the underlying assets.

Learn more about onchain investment products and their distinct profile here.

mWIN is issued through a single bankruptcy-remote compartment of a Luxembourg Securitisation Vehicle, legally segregated from every other compartment and from Midas itself. Northern Trust acts as institutional custodian, holding the offchain assets in segregated accounts and providing independent daily pricing, which forms the basis for the NAV.

Aave - The Largest Onchain Lending Market

Aave Protocol is the world's largest onchain lending market, with more than $1 trillion in cumulative loan originations. Aave also supports the deepest liquidity and most active borrowing markets in DeFi.

Aave Horizon is a dedicated institutional lending market for tokenised real-world assets. It enables qualified institutions to borrow onchain against eligible tokenised collateral within a compliance-oriented framework, connecting asset issuers and investors with the liquidity of the Aave ecosystem.

mWIN is a natural fit for Aave Horizon. It was built from the ground up to work as onchain collateral: an investment-grade portfolio, actively managed across market cycles, with independent daily pricing from Northern Trust. Through Horizon, mWIN gains access to one of the deepest sources of onchain borrowing demand, alongside the institutional-grade tokenised assets the market was designed to support.

Holders can use mWIN as collateral to borrow supported stablecoins on Aave Horizon while maintaining exposure to the underlying strategy. In practice this works like a repo: an investor can raise liquidity against an mWIN position when it is needed, without selling it. The listing follows an independent risk assessment by LlamaRisk and approval through Aave governance, the process every collateral asset must pass before it is admitted to Horizon.

Wellington Management - The Appointed Strategy Manager

Wellington Management manages over $1.3 trillion in assets for institutional investors worldwide, including around $60 billion in strategies similar to mWIN. Its credit business is among the most established in the industry, with multi-decade experience across leveraged credit, structured products and corporate fixed income. Wellington acts as strategy manager for mWIN under an investment management mandate, with responsibility for portfolio construction and ongoing management of the strategy.

Instant Liquidity and Midas' Open Liquidity Architecture

mWIN redemptions run through Midas' Open Liquidity Architecture, a layered system designed to meet atomic redemptions across market conditions without holding idle cash, which drags returns. For an asset used as collateral, a reliable exit matters.

Midas' Open Liquidity Architecture works across four layers:

• An internal liquidity sleeve, set at around 5 percent of TVL and held in instruments such as USDC or mTBILL, that services everyday redemption flow.
• Midas Staked Liquidity, a dedicated facility held outside mWIN's collateral that provides instant liquidity for atomic redemptions once the sleeve is drawn.
• An OTC liquidator network of third-party market makers and RFQ platforms that bid for mWIN directly, a backstop for large-scale exits.
• Standard redemption, settled at NAV on a T+1 basis with no fee.

Midas Staked Liquidity forms the core of the design. Rather than holding idle cash to fund instant exits, the facility extends an on-demand line of credit at the moment of redemption. The holder is paid out and their tokens are burned immediately, and the facility is repaid as the underlying assets settle. This expands atomic redemption capacity without leaving capital idle, so liquidity is added without diluting the return of the strategy. Learn more here.

Verifiable Onchain: The Midas Attestation Engine

Verification for mWIN runs through the Midas Attestation Engine, an independent trust layer built with Chainlink, LlamaRisk, vLayer and Canary. It turns the data that matters, including NAV, proof of reserves and smart contract integrity, into permanent, independently verified checkpoints onchain, so holders have verifiable disclosures.

Each cycle works in three steps. Source data, such as custodian pricing or a fund administrator report, is captured as a structured claim. Related claims are bundled into an attestation and published onchain through Chainlink CRE, with the source documents notarised by vLayer and stored permanently on IPFS. Independent verifiers, including LlamaRisk and Canary, then confirm onchain that the data came from an approved source, that the correct process was followed, that nothing was altered and that it is verifiable against external references. Learn more here.

Access mWIN

mWIN is available now on the Aave Horizon RWA Market. It is also available as collateral on Morpho through Sentora's PYUSD market.

All key information (minting, redemptions, underlying strategy, fees, proof of reserves, liquidity) can be found on the mWIN product page.

About Midas

Midas is a platform for composable onchain investment products. It gives investors exposure to institutional strategies, run by professional strategy managers, through its performance-linked mTokens. These tokens offer full transparency, instant redemptions, and native composability across DeFi.

Founded in 2024 by Dennis Dinkelmeyer (formerly Goldman Sachs), Fabrice Grinda (FJ Labs), and Romain Bourgois (formerly Ondo Finance), Midas is backed by leading investors including RRE, Creandum, Framework Ventures, HV Capital, Ledger Cathay and Coinbase Ventures. The company recently secured $50M in Series A funding, building on a track record that includes over $4B in asset issuance and $48M in yield paid out to date.

About Aave Horizon

Aave Horizon is an institutional lending market built on the Aave Protocol, the world's leading decentralized lending infrastructure with more than $1 trillion in cumulative loan originations. Horizon enables qualified investors to borrow stablecoins against tokenized real-world assets (RWAs), providing 24/7 access to onchain liquidity while preserving issuer-led compliance at the asset level.

Built on Aave's non-custodial infrastructure, Horizon combines institutional-grade risk management from LlamaRisk with secure market data provided by Chainlink's Decentralized Oracle Network. Horizon is currently the largest lending market designed for regulated, permissioned real-world assets, helping connect institutional capital with the efficiency, transparency, and liquidity of onchain finance.