Tokenized real-world assets have cleared a significant institutional barrier. Kraken Custody is now offering the Janus Henderson Anemoy AAA CLO Fund, known as JAAA. This marks the first tokenized AAA-rated collateralized loan obligation fund available through a qualified crypto custody solution.
The partnership between Kraken Institutional and Centrifuge was announced on June 25, 2026. Centrifuge handles the tokenization infrastructure and on-chain settlement. The off-chain version of this fund, managed by Janus Henderson, oversees $21 billion in assets. The tokenized version has a total asset value of approximately $686 million.
The fund currently offers a 7-day annualized yield of roughly 3.66%. AAA CLOs are floating-rate instruments, meaning yields adjust with prevailing rates. Kraken positions JAAA as a yield opportunity less sensitive to Fed rate changes than traditional fixed-income alternatives.
Settlement runs 24/7 on-chain, a meaningful upgrade over the T+1 or T+2 timelines of traditional finance. Holders can earn the underlying yield while using JAAA as productive collateral within a single custody solution.
JAAA launched in June 2025, seeded with a $1 billion allocation from the Sky ecosystem. By early June 2026, Ethena had allocated $200 million to JAAA on the Solana blockchain. The fund has also been used as leveraged collateral on Aave Horizon, an institutional-facing deployment of the Aave protocol.
By integrating JAAA into qualified custody, Kraken lowers compliance friction for institutions wanting RWA exposure without managing it outside a regulated framework. The fund’s trajectory from a $1 billion seed to formal custody integration took roughly one year.