Issued by Midas, mWIN represents a multi-sector fixed-income portfolio: CLOs, mortgage-backed securities and investment-grade corporate bonds.
By August 6, roughly 86% of all circulating mWIN was sitting in the Morpho vault as collateral.
The vault's net APY was reported at 8.31%: a 0.70% base rate plus a separate PYUSD reward stream paying 7.61% APR.
Incentive-driven reward streams can shrink or expire; the smaller base rate is the more durable number to track.
Whether the collateral base keeps growing past this initial deposit, or holds steady as a one-time institutional test.
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