Centrifuge Brings Janus Henderson’s AAA CLO Fund Onchain
Centrifuge said it has tokenized the Janus Henderson Anemoy AAA CLO Fund, known as JAAA, in a move that brings a structured credit product into onchain form through its platform. The company described the strategy as being brought fully onchain in a blog post on its official site.
According to research cited in public discussion of the fund, the tokenized JAAA structure holds about $687 million in AAA-rated collateralized loan obligation tranches. Vault Street also said the strategy is managed by the team behind Janus Henderson’s larger JAAA ETF and that custody sits with JPMorgan.
How the tokenized fund is being positioned
The fund’s tokenized version is being presented as a version of a traditional credit strategy that can operate onchain while retaining exposure to AAA CLO paper. Vault Street’s research said the vehicle is the largest and longest-running tokenized AAA CLO fund it has tracked, and that it includes onchain net asset value calculation and smart contract functionality.
CLOs pool corporate loans and slice the cash flows into tranches with different risk levels. The AAA tranche sits at the top of that structure, which is why it is generally viewed as the most senior slice in the capital stack. The research summary did not indicate any change to that underlying structure, but rather to how the fund is issued and managed onchain.
Secondary coverage around the tokenized fund has also described it as a product that can be used as collateral in decentralized finance settings. Those references pointed to stablecoin-based subscription and redemption mechanics as part of the design, although the official post highlighted the tokenization itself rather than a broader rollout narrative.
Institutional credit meets blockchain rails
The development adds another example of real-world assets moving into blockchain-based wrappers, this time in a fixed-income product tied to a large traditional asset manager. The institutional scale of the underlying strategy appears to be central to the pitch: Janus Henderson’s offchain JAAA ETF is already a sizeable CLO vehicle, and the tokenized version is being framed as an onchain extension of that strategy rather than a separate experimental fund.
For now, the clearest confirmed change is structural. Janus Henderson’s AAA CLO strategy has been tokenized by Centrifuge, with public research pointing to a large asset base, onchain NAV features and institutional custody. Additional details may matter for users evaluating the product, but the core development is that a traditional credit fund has been moved into a tokenized format on Centrifuge.
