1 hour ago
7
A AAA-rated collateralized loan obligation fund, the kind of instrument that pension funds and insurance companies typically hoard, is now living on a blockchain and backing stablecoins. Centrifuge has tokenized Janus Henderson’s Anemoy AAA CLO fund as JAAA, and it’s already being plugged into DeFi infrastructure through Aave Horizon.
JAAA has been integrated as leveraged collateral by Resolv, with up to $100 million deployed on Aave Horizon as of February 26. That makes it one of the larger institutional deployments of real-world assets into a blockchain environment to date.
From Wall Street plumbing to DeFi rails
CLOs are bundles of corporate loans sliced into tranches by risk. The AAA tranche sits at the very top of the credit quality stack, meaning it gets paid first and carries the lowest default risk.
Aave Horizon launched with JAAA as one of its RWA collateral options specifically designed for institutional stablecoin borrowing. The setup allows PrimeUSD to integrate AAA-rated credit directly into a stablecoin vault, creating a bridge between traditional credit markets and on-chain liquidity.
The fund received initial seeding of $1 billion from the Sky ecosystem via Grove in mid-2025.
Custody milestones and institutional demand
JAAA recently hit another milestone: it became the first tokenized AAA CLO fund available through Kraken custody, announced on June 29. For institutional allocators who need regulated custodial infrastructure before they can touch an asset, this is the kind of checkbox that actually matters.
Allocations from protocols like Ethena for collateral diversification have also materialized for JAAA in mid-2026, suggesting that the token isn’t just attracting traditional finance players. DeFi-native protocols are also recognizing the value of having regulated, investment-grade credit as a backstop for their own operations.
What this means for investors
There are risks worth watching. Regulatory clarity around tokenized securities remains a work in progress across most jurisdictions. The smart contract layer adds a new category of operational risk that traditional CLO investors have never had to think about. And liquidity in tokenized form may behave very differently than liquidity in traditional secondary markets during periods of stress.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·