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Centrifuge JAAA on Aave Horizon

GLOBALtokenized creditproductionOperator: Centrifuge + Janus Henderson AnemoyIssuance unverified

Tokenised Janus Henderson Anemoy AAA CLO fund deployed as USD 100 million leveraged collateral inside Aave Horizon's institutional-grade DeFi lending market. The largest RWA-DeFi composability loop trade to date, structured by Resolv as actively managed collateral for stablecoin design. The first AAA-rated CLO brought fully on-chain and the fastest tokenised fund to reach USD 1 billion in AUM.

Operating details

How it actually settles
Architecture

JAAA is the tokenised Janus Henderson Anemoy AAA CLO fund issued through Centrifuge's tokenisation infrastructure. Aave Horizon is the institutional-grade DeFi lending market with KYC at the Spoke level, designed to support institutional-grade collateral within DeFi lending markets. Resolv (a decentralised stablecoin protocol) integrated up to USD 100 million of JAAA into its collateral and yield framework, deploying JAAA through Aave Horizon as actively managed leveraged collateral with defined LTV parameters, active funding management, and on-chain liquidity. The structure represents a structurally conservative leverage strategy relative to traditional crypto collateral, given the AAA-rated, actively managed underlying.

Participants

Centrifuge (tokenisation platform) · Janus Henderson (asset manager, USD 500B+ AUM) · Anemoy (sub-manager) · Aave (institutional DeFi lending market) · Resolv (stablecoin protocol borrower)

Scale

JAAA was the fastest tokenised fund to reach USD 1 billion in AUM. The Resolv loop is up to USD 100 million in deployed collateral, expected to become the largest RWA loop trade ever executed in DeFi. Aave Horizon's broader institutional collateral mix has been responsive to macro yield differentials: USCC's collateral share at Horizon dropped from 93% to 67% as basis-trade yields collapsed from approximately 15% to 4%, demonstrating that composable-collateral mix is endogenous to macro yield differentials rather than asset-class preference.

Regulatory wrapper

JAAA is structured as a tokenised AAA-rated CLO fund managed by Janus Henderson Anemoy. Aave Horizon operates as a permissioned market with institutional KYC at the Spoke level rather than as a fully permissionless venue. The legal claim follows the underlying CLO structure; the on-chain wrapper does not change the underlying credit-risk profile.

Known limits

Composable RWA-DeFi loops sit at the intersection of two regulatory regimes (the underlying fund's wrapper and the DeFi lending market's compliance posture); cross-jurisdictional supervisory clarity for this class of structure remains thin. Liquidity and price discovery for tokenised CLOs at scale is unproven outside the Aave Horizon use case. No retail access through Horizon's institutional Spoke configuration.

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