Centrifuge’s JAAA tokenized fund hits roughly 47% utilization across DeFi

Centrifuge’s JAAA tokenized fund has reached roughly 47% utilization. That figure reflects the token’s growing spread across DeFi protocols and liquidity providers.

What the 47% figure actually measures

Centrifuge says the milestone comes from integrating with multiple protocols and liquidity providers. Utilization is the measure of how much of the tokenized product is being put to work through those channels.

DefiLlama data puts Centrifuge’s total utilization rate at 47.6%. JAAA is a significant contributor to that platform-wide number.

The research behind the milestone points to two main drivers. The first is fast or instant redemption mechanisms. The second is the token’s use as collateral in lending markets.

The fund behind the token

JAAA is tied to the Janus Henderson Anemoy AAA CLO Fund. It gives holders exposure to AAA-rated tranches of collateralized loan obligations, or CLOs.

A CLO pools corporate loans and slices them into layers by risk. The AAA layer sits at the top of that stack.

The tokenized shares launched sometime around May to July 2025. They were designed specifically for investors outside the US.

Over the 12 months up to early October 2026, the fund processed more than $717 million in redemptions. Those came from 93 separate orders. Settlement typically lands within one to two days.

AUM has ranged from approximately $585 million to $687 million, down from a peak above $1 billion in the fund’s early stages.

Aave Horizon and the collateral question

JAAA has recently been used as collateral on Aave Horizon. Wrapper structures built around the token are also adding liquidity.

A proposal on Aave Horizon now aims to raise JAAA’s loan-to-value ratio from 81% to 87%. The case for the change rests on the fund’s strong redemption track record.

At 81%, $100 of JAAA lets you borrow up to $81. At 87%, that ceiling would rise to $87.

What this means

For DeFi lenders, JAAA is becoming a test case. If the Aave Horizon proposal passes, it would signal growing comfort with tokenized AAA credit as collateral.

For borrowers, a higher loan-to-value ratio means more borrowing power per dollar of collateral. More leverage improves capital efficiency, but it also narrows the cushion if the collateral’s value or liquidity comes under pressure.

More than $717 million cleared across 93 orders, with settlement typically in one to two days, is the kind of history risk managers like to see. It does not guarantee the same performance in a stressed market, which is exactly the scenario collateral parameters are meant to protect against.

The fund sits well below its peak above $1 billion. Rising utilization on a smaller base is encouraging for composability, but sustained growth in assets would make the story more convincing.

The next markers to watch are the outcome of the Aave Horizon vote, any new protocol integrations for JAAA, and whether utilization holds near current levels.