Centrifuge and Janus Henderson have unveiled the Janus Henderson Anemoy AAA CLO Fund, known as JAAA, extending the migration of traditional credit products onto blockchain networks. The fund manages approximately $687 million and is available across eight blockchain networks, including Ethereum and Solana.

The launch brings collateralized loan obligations (CLOs) into an onchain environment, giving investors access to a structured credit product through blockchain infrastructure. CLOs typically pool diversified floating-rate corporate loans into portfolios that are sliced into tranches according to different levels of risk and return.

Payments generated by the underlying loans flow to the tranches through a waterfall structure, with higher-priority investors generally paid before holders of lower-ranking portions. JAAA targets the highest-rated segment of this structure, positioning the fund toward investors seeking corporate credit exposure with a comparatively lower risk profile.

By moving the CLO structure onchain, Centrifuge uses blockchain infrastructure to automate parts of fund operations while enabling daily subscriptions and redemptions through stablecoins, with the fund offering an annual yield of 4.5%.

Blockchain infrastructure reshapes CLO access

JAAA represents a step beyond the tokenization of relatively straightforward traditional assets such as U.S. government securities. Rather, the fund applies blockchain technology to a more complex institutional credit product involving diversified corporate loans, structured risk levels, and automated payment distributions.

Centrifuge's infrastructure is designed to streamline several processes tied to the fund by recording and managing relevant transactions on blockchain networks. The use of stablecoins for subscriptions and redemptions also creates a digital settlement mechanism capable of operating alongside existing financial infrastructure.

The structure could make JAAA useful within decentralized finance applications as well. Because the CLO fund is represented through blockchain-based tokens, those tokens can potentially serve as collateral or be incorporated into various yield-generating strategies.

Such functionality could expand the utility of tokenized traditional assets by allowing them to interact with other blockchain-based financial applications. Investors may therefore gain access not only to the underlying credit exposure but also to additional onchain financial services.

JAAA could enable tokenized institutional credit assets to circulate within broader decentralized finance markets, creating potential applications for the fund as collateral and as a component of blockchain-based yield strategies.

New opportunities carry technical risks

The expansion of structured credit onto blockchain networks also introduces risks distinct from those associated with conventional fund structures. Smart contracts, blockchain infrastructure, network compatibility, and digital asset custody all create additional technical considerations for investors and financial institutions.

Operating across eight networks, including Ethereum and Solana, can broaden accessibility but may also demand careful management of interoperability and security. As tokenized financial products become increasingly integrated with decentralized applications, technical failures or vulnerabilities could have consequences that extend beyond the traditional investment structure.

The fund nonetheless reflects growing efforts to bridge traditional finance and decentralized financial infrastructure. Institutional investors have increasingly explored blockchain-based representations of conventional assets, while blockchain platforms have sought to support products that generate returns from real-world economic activity. The tokenization of real-world assets has grown into one of the most active areas of institutional blockchain adoption, with major asset managers including BlackRock and Franklin Templeton having launched tokenized funds, and industry trackers such as rwa.xyz reporting total tokenized asset values in the billions of dollars.

"Vaults let us move from putting individual funds onchain to actively managing portfolios built for specific client needs." @NickCherney, Head of Innovation at @JHIAdvisors. — Centrifuge (@centrifuge) September 4, 2026

CLOs are particularly significant in this transition because they provide exposure to corporate lending markets rather than simply representing government debt. Their more complex structure requires investors to weigh the quality of underlying loans, tranche seniority, interest-rate exposure, and the mechanics governing cash-flow distribution. The move also places CLOs onchain alongside other tokenized private-credit initiatives Centrifuge has supported, such as its work with Janus Henderson's Anemoy Treasury Fund, building on infrastructure the firm has developed since its founding in 2017 as a protocol for onchain financing of real-world assets.

Tokenization advances into sophisticated credit products

JAAA's launch signals that tokenization is advancing into increasingly sophisticated areas of asset management. Earlier blockchain-based financial products often centered on relatively simple instruments, particularly tokenized Treasury products. The arrival of an onchain CLO fund adds a structured credit component to the expanding range of tokenized assets.

The product could appeal to both institutional and retail investors seeking blockchain-enabled access to traditional credit markets, although suitability will depend on each investor's risk tolerance and understanding of the underlying structure. How the fund's onchain tokens perform as collateral within decentralized finance protocols, and whether other asset managers follow with comparable structured-credit products, are key questions for the tokenization market going forward.

The launch underscores how blockchain-based tokenization is evolving from simple representations of traditional assets toward complex financial products that combine institutional credit exposure with programmable onchain functionality.

The development also illustrates the potential convergence between established asset managers and blockchain infrastructure providers. By pairing Janus Henderson's investment management capabilities with Centrifuge's blockchain technology, JAAA offers an example of how traditional financial products can be redesigned for digital markets while retaining their underlying economic exposure.