Sentora, the institutional DeFi firm born from a merger barely a year old, has crossed $1 billion in total deposits across its vaults on the Morpho lending protocol.
Where the billion dollars lives
Sentora’s deposit base is concentrated in a handful of high-performing vaults, with two products doing most of the heavy lifting. The PayPal USD Main V2 vault holds approximately $299 million, while the Sentora RLUSD Main V2 vault accounts for roughly $215 million.
APYs across Sentora’s vaults have been reported between 4.9% and 7.4%. The deposits are primarily allocated to lending markets collateralized by real-world assets, including cash flows from home equity lines of credit (HELOCs) and various credit instruments.
A year of aggressive product launches
Sentora was created in May 2025 through the merger of analytics platform IntoTheBlock and Trident Digital, with $25 million in backing.
The PRIME vault, launched in May 2026, attracted between $110 million and $200 million in PYUSD deposits. More recently, the Huma PST vault went live on August 26 and pulled in over $16 million within its first week of public operation. The mWIN vault, a smaller product at $9.6 million, rounds out the newer offerings.
Morpho’s institutional pivot
Morpho raised $175 million in June 2026 at a valuation exceeding $2 billion. Unlike monolithic lending protocols where all depositors share the same risk pool, Morpho allows curators like Sentora to create isolated vaults with specific collateral parameters and risk profiles.
What the billion-dollar mark signals
The stablecoin-heavy composition of deposits means this capital is relatively sticky. Unlike ETH or BTC deposits that might flee during a market downturn, stablecoin depositors earning 5-7% yields from real-world credit have less reason to withdraw during crypto volatility. Real-world asset collateral introduces credit risk that doesn’t exist in overcollateralized crypto lending. HELOC cash flows and credit instruments can default, and the on-chain infrastructure for handling those defaults is still relatively untested at scale.