Ethena Adds Janus Henderson Tokenized Credit to USDe

The fund in question, ticker JAAA, is issued through the Centrifuge platform under the Anemoy structure and is managed by the same portfolio managers who run Janus Henderson's $21 billion AAA CLO ETF. The tokenized version launched in 2025 and was seeded with $1 billion from the Sky ecosystem through Grove. As of May 9, 2026, two onchain wallets operated by Grove Capital Management held 94.7% of the fund's $409 million in assets under management.

Ethena's governance process cleared the path for the integration. The Ethena Risk Committee member LlamaRisk conducted due diligence on JAAA and approved it as an eligible reserve asset, and the fund subsequently received an eligible determination under the Blockworks Advisory adapted RWA Eligible Asset Framework. The broader diversification strategy that encompasses this move was outlined by Ethena in a blog post on April 6, 2026, with individual CLO positions capped at roughly $310 million.

The governance proposal supporting the initial allocation cited a $318.6 million single-day block trade executed with Bank of America in March 2026 at approximately 5 basis points of total execution slippage as evidence of adequate liquidity. Based on that demonstrated redemption capacity, an initial allocation of $250 million was proposed. The carry spread criterion passed under the quarterly NAV-based methodology with a mean of 61.1 basis points. Governance participants also flagged a cautionary precedent: the Resolv Protocol exploit of March 22, 2026, in which Resolv held a $100 million JAAA position on Aave Horizon, was cited as empirical validation of second-order queue pressure risk under stress conditions.

The tokenized CLO fund mirrors Janus Henderson's $27 billion AAA CLO ETF, the largest of its kind in traditional markets. Grove, the institutional credit platform incubated in the Sky ecosystem, seeded the onchain version with a $1 billion allocation. The Centrifuge and Janus Henderson partnership announcement confirmed that the JAAA strategy targets capital preservation alongside yield generation, consistent with the AAA-rated top tranche of CLO structures.

The deal arrives as Janus Henderson has already built onchain infrastructure through the Anemoy Treasury Fund (JTRSY), a $1.1 billion tokenized Treasury product issued via Centrifuge. In May 2026, Grove launched a liquidity network offering up to $1 billion in daily stablecoin liquidity for instant redemptions covering both BlackRock's $2.2 billion BUIDL, issued by Securitize, and JTRSY. The tokenized US Treasury sector expanded more than 130% over the prior year to surpass $15 billion in assets, according to CoinDesk's reporting on the Grove liquidity facility.

Janus Henderson's earlier formal entry into tokenized funds was announced through a partnership with Anemoy Limited and Centrifuge to manage the Liquid Treasury Fund, a fully onchain tokenized fund issued on Centrifuge's public blockchain. That arrangement was described in the Janus Henderson official press release as targeting distribution to over $170 billion in idle capital onchain.

The June 9 announcement, as reported by The Block, also indicated that Janus Henderson outlined plans for regulated investment products tied to the Ethena ecosystem, including exchange-traded instruments referencing USDe and ENA. The companies have not disclosed the specific regulatory jurisdictions in which those products would be registered, the timeline for regulatory submissions, the fee structures or index methodologies that would govern any ETF or ETP, or the minimum AUM thresholds required before launch. The ENA token position size acquired by Janus Henderson has also not been made public.

The immediate concrete effect of the June 9 agreement is that JAAA has cleared Ethena's governance eligibility process and an initial $250 million allocation has been proposed, with USDe's reserve composition now formally extended to include tokenized AAA-rated corporate credit for the first time. What the announcement does not establish is a live, funded allocation — the governance proposal sets parameters and caps, but the actual deployment of capital into JAAA, the final size of Janus Henderson's ENA stake, and the structure of any jointly developed regulated investment product remain undisclosed as of the announcement date.