Ethena Parks $200 Million in Janus Henderson CLO Fund on Solana

Ethena has allocated $200 million into tokenized shares of the Janus Henderson Anemoy AAA CLO Fund. The deal, executed on Solana via tokenization partner Centrifuge, represents a major real-world asset issuance.

This marks the first time Ethena has added institutional-grade credit exposure to its collateral, funding its USDe stablecoin with an AAA-rated CLO tranche. The risk-approved cap allows for an expansion to $310 million.

Janus Henderson, managing roughly $480 billion in assets, is also investing in Ethena’s governance token, ENA, and considering using USDe in its treasury operations. Tokenized assets on Solana have surged 109% year to date.

Ethena’s deliberate shift from crypto-native strategies to low-risk, low-duration assets aims to diversify its backing and make USDe more palatable to institutions. For investors, this unlocks a new source of lower-risk yield previously gated by traditional intermediation. However, risks remain regarding the behavior of AAA-rated structured products during credit stress and the added layer of blockchain complexity.