Tokenized real-world assets just cleared another institutional hurdle. Kraken Custody is now offering the Janus Henderson Anemoy AAA CLO Fund, known as JAAA, making it the first tokenized AAA-rated collateralized loan obligation fund available through a qualified crypto custody solution.

The announcement, made on June 25, 2026, marks a partnership between Kraken Institutional and Centrifuge, the protocol handling tokenization infrastructure and onchain settlement.

What JAAA actually is, and why it matters

The off-chain version of this fund, managed by Janus Henderson, oversees $21 billion in assets. The tokenized version brings that same underlying exposure onchain, with a total asset value of approximately $686 million and a net asset value of around $1.04 per token.

The fund currently offers a 7-day annualized yield of roughly 3.66%. AAA CLOs are floating-rate instruments, which means their yields adjust with prevailing rates rather than getting locked in at a fixed level.

Kraken’s announcement positioned JAAA as a yield opportunity that’s less sensitive to Fed rate changes than traditional fixed-income alternatives. Holders can earn the underlying yield while simultaneously using JAAA as productive collateral, all within a single custody solution. Settlement runs 24/7 onchain, which is a meaningful operational upgrade over the typical T+1 or T+2 timelines of traditional finance.

JAAA’s footprint in DeFi is already substantial

JAAA launched in June 2025, seeded with a $1 billion allocation from the Sky ecosystem through Grove. By early June 2026, Ethena had allocated $200 million to JAAA on the Solana blockchain.

JAAA has also been used as leveraged collateral on Aave Horizon, one of the institutional-facing deployments of the Aave protocol. An institution can hold JAAA in custody, post it as collateral to borrow stablecoins, and deploy that capital elsewhere, without ever selling the underlying position.

Centrifuge is providing the tokenization rails and onchain infrastructure that makes all of this possible. The Kraken partnership represents what both sides are calling the beginning of a broader expansion of real-world asset support within Kraken Custody, not a one-off product addition.

What this means for institutional investors watching from the sidelines

By integrating JAAA into its qualified custody offering, Kraken is effectively lowering the compliance friction for institutions that want RWA exposure but couldn’t justify the operational overhead of managing it outside a regulated custody framework.

For investors assessing the broader RWA trend, JAAA’s trajectory offers a useful data point. The fund went from a $1 billion seed in mid-2025 to a $200 million DeFi allocation, collateral status on a major lending protocol, and now formal integration into a regulated custody solution, all within roughly a year.