Centrifuge launches $JAAA, the largest tokenized AAA CLO fund with $687M in assets

Centrifuge just made the strongest case yet that Wall Street’s favorite credit instruments belong on a blockchain. The protocol’s $JAAA fund, formally known as the Janus Henderson Anemoy AAA CLO Fund, has hit roughly $689.9 million in assets under management, making it the largest tokenized AAA-rated collateralized loan obligation product in existence.

What exactly is a tokenized CLO, and why should you care

A CLO, or collateralized loan obligation, is a bundle of corporate loans packaged together and sliced into different risk tiers. The AAA tranche sits at the very top of the credit quality stack, meaning it gets paid first and carries the lowest default risk.

What Centrifuge has done is take that institutional-grade credit product and made it available on-chain. The $JAAA fund is deployed across eight different blockchain networks: Ethereum, Avalanche, Solana, Base, Stellar, BNB Chain, Monad, and Arbitrum. Investors can subscribe and redeem daily using stablecoins.

The fund launched on May 1, 2025. It currently delivers approximately 4.56% APY on a seven-day average, with a 0.50% management fee.

The partnerships powering this thing

Anemoy serves as the issuer, while Janus Henderson acts as sub-advisor. Trident Trust handles administration, and Circle provides crypto custodial infrastructure.

The Sky ecosystem (formerly MakerDAO) committed a $1 billion allocation in June 2025. Ethena has also entered the picture, with an approved allocation of up to $310 million. The integration appears designed to support USDe reserves, targeting up to $200 million in allocations.

Kraken Institutional signed on as a custody partner in June 2026.

DeFi composability changes the game

Because $JAAA lives on-chain, it can be plugged into DeFi protocols as collateral. The fund has already been integrated with platforms like Aave Horizon and Falcon Finance, meaning holders can potentially borrow against their positions or use them in more complex strategies.

The fund is currently open to non-US investors.

What this means for investors

AAA CLOs offer a different risk-reward profile than treasuries. They typically yield more because they carry corporate credit exposure, but the AAA rating means the default protection mechanisms are substantial.

The risk side of the equation deserves honest attention too. Smart contract risk across eight different blockchains is non-trivial. Using AAA CLO tokens as collateral in DeFi lending protocols introduces liquidation risk that doesn’t exist in traditional markets. And the fund’s stablecoin-denominated structure means investors are implicitly exposed to whatever stablecoin they use for subscriptions and redemptions.

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