Aave Horizon proposes mWIN with zero borrowing power

Filed Aug. 27, 2026, the Aave Governance ARFC proposes onboarding mWIN to Aave Horizon — a tokenized, multi-sector fixed-income portfolio issued by Midas and actively managed by Wellington Management.

The risk table is where this proposal actually lives. mWIN gets a 0% loan-to-value ratio and a 0% liquidation threshold. Suppliers can deposit. They cannot borrow a cent against their position.

The substantive case the proposal makes is structural. mWIN is issued through a legally segregated compartment of a Luxembourg securitisation fund, targeting a gross market yield of 5.23%. Wellington’s Financial Reserves Management team manages north of $200 billion in AUM; Wellington as a whole manages more than $1.3 trillion and dates its founding to Boston in 1928.

Portfolio allocation, per the filing, runs 40% collateralized loan obligations, 25% investment-grade corporates, 15% asset-backed securities, 10% agency mortgage-backed securities, 5% non-agency residential mortgage-backed securities, and 5% commercial mortgage-backed securities. The proposal reports an average credit rating of A+, effective duration of around one year, spread duration under two years, and a largest single-day drawdown of 2.7%.

Redemptions, per the proposal, process daily at 100% of NAV. Submissions before 1 p.m. CET settle in one business day and pay out in USDC, PYUSD, RLUSD, or other stablecoins.

The proposal claims Midas can extend up to $30 million in atomic onchain liquidity through MSL, with $10 million of that earmarked specifically for mWIN.

What the first phase actually delivers is access and settlement infrastructure. mWIN suppliers get a seat in Aave Horizon’s tokenized-asset market. Borrowing capacity is zero.

mWIN isn’t Midas’ first listing on Horizon. mGLOBAL — tracking Fasanara’s alternative credit strategy — launched as Horizon collateral in June 2026 and, according to the proposal, its $30 million supply cap filled almost immediately.

The strategy charges a 40-basis-point annual management fee and carries no performance fee. Its stated gross yield of 5.23% sits 107 basis points above the equivalent U.S. Treasury curve at 4.16%, per the proposal’s own numbers — 5.23% minus 4.16% equals 107 basis points. That spread describes what the portfolio targets above Treasuries.