The tokenized AAA CLO strategy built with Centrifuge is offering stablecoin holders a floating-rate credit yield with daily liquidity

Tue 3 Nov 2026 · 17:13 EST · 4 min read

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Janus Henderson’s tokenized AAA CLO strategy currently yields 5.37%. That is a respectable number for a product built around the top-rated slice of corporate credit.

The vehicle is the Janus Henderson Anemoy AAA CLO Fund, ticker JAAA. It is one of the clearest examples so far of a traditional asset manager putting a mainstream credit strategy onchain. Investors who hold stablecoins and want something other than a savings account have taken notice.

What JAAA actually holds, and what it pays

Start with the acronym. A CLO, or collateralized loan obligation, bundles loans into one structure. That structure is then sliced into tranches with different risk levels.

The AAA tranche sits at the top of that stack. The strategy focuses on floating-rate credit, so the income it pays moves with prevailing rates rather than being locked in.

The yield figures vary a little depending on who is measuring. Alongside the 5.37% reading, RWA.xyz data shows a 30-day annual percentage yield of around 5.24%. The two numbers track closely enough that the general picture holds: the product pays in the low-to-mid 5% range.

Fees are modest by fund standards. The management fee is set at 0.50%, and the net asset value sits at around $1.05 per token.

Size is respectable too. The tokenized fund’s assets under management are approximately $573 to $652 million as of early November 2026. That range reflects differing data sources rather than a single official tally.

How the tokenized version works

Janus Henderson did not build the onchain plumbing alone. The fund runs through a partnership with Centrifuge, a platform that specializes in bringing real-world assets onto blockchains.

The product launched in 2025 and is issued across more than eight blockchains via Centrifuge. In practical terms, investors are not confined to a single network to access it.

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Access is restricted, though. The tokenized fund serves non-US professional investors, so retail buyers and US-based investors are not the target audience here.

The feature doing the heavy lifting is liquidity. Investors can subscribe and redeem daily, and they can do it using stablecoins. For a crypto-native treasury, that means moving into and out of a credit product without the usual detour through a bank wire.

Early capital came from inside the crypto ecosystem. Initial seeding from the Sky and Grove ecosystem totals around $1 billion, and Ethena later added contributions of its own.

The Wall Street sibling

JAAA is not a new idea dressed up in blockchain clothes. Janus Henderson already runs a JAAA ETF that follows a similar AAA CLO mandate, and that fund manages over $30 billion.

Put the two side by side and the gap is striking. The tokenized version, at roughly $573 to $652 million, is a small fraction of its exchange-traded counterpart.

The appeal of the underlying asset class helps explain why Janus Henderson picked it for tokenization. AAA CLO tranches are known for having avoided principal losses for more than three decades.

DeFi is starting to build on top of it

In October 2026, Pendle launched deJAAA yield markets. Pendle lets users separate an asset’s future yield from its principal and trade the two independently. Applied here, traders can speculate on or hedge the fund’s income stream without holding the whole position.

Aave has also adjusted collateral limits for JAAA products. Collateral limits determine how much of an asset users can pledge to borrow against. Any change there signals that a lending protocol is treating the asset as part of its risk framework rather than as an afterthought.

What this means for onchain credit

For stablecoin holders, the pitch is fairly simple. A 5.37% yield from a top-rated credit strategy, with daily stablecoin redemptions, competes directly with the idle cash sitting in crypto treasuries.

For Janus Henderson, the tokenized fund works as a distribution channel into a pool of capital that traditional ETFs cannot easily reach. Backing from Sky, Grove and Ethena suggests DeFi protocols want institutional-grade yield sources to sit underneath their own products.

There are limits to keep in mind. The fund is closed to US investors and retail participants, which caps its addressable market for now. Its yield is also floating-rate by design, so the 5.37% figure is a snapshot rather than a promise.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

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