Tokenized US Treasuries just got a new job. The JTRSY token, representing shares in the Janus Henderson Anemoy Treasury Fund, is being integrated into PrimeUSD, a permissioned leveraged product built by Resolv Labs through its Vault Street platform.

What JTRSY actually is

JTRSY launched in 2024 as a BVI-regulated tokenized fund. It originally debuted as the Anemoy Liquid Treasury Fund on the Centrifuge platform before Janus Henderson came aboard as sub-investment manager.

The fund invests primarily in US Treasury bills with maturities under six months. S&P Global Ratings assigned it AA+f/S1+ as of March 2025, making it the highest-rated tokenized fund in existence. Moody’s gave it an Aa rating.

The fund’s assets under management sit in an estimated range between $400 million and $870 million. Its management fee runs approximately 25 basis points.

Protocols like Morpho are already utilizing JTRSY as collateral for DeFi lending. The PrimeUSD integration extends that collateral utility into a more structured, leveraged framework.

How PrimeUSD works

PrimeUSD is designed to accept deposits in popular stablecoins like USDC and USDT. Those deposits get deployed into JTRSY and related assets, creating yield exposure to short-term Treasuries.

The “leveraged” part comes from approved DeFi money markets. PrimeUSD uses controlled leverage through these venues to amplify the yield generated by the underlying Treasury positions. It’s a permissioned product aimed at institutional participants.

The product is still in private beta testing. A public launch is targeted for around June 2026.

The bigger picture for tokenized Treasuries

The total on-chain transferable value of tokenized Treasuries now exceeds $15 billion. That sits within a broader tokenized real-world asset market valued at over $32 billion.

For investors watching this space, the JTRSY integration into PrimeUSD matters for a few reasons. First, it demonstrates that tokenized Treasuries are moving beyond simple “hold and earn” products into more sophisticated structured finance applications. Second, JTRSY carrying the highest S&P rating among tokenized funds removes one of the biggest objections that conservative institutional allocators typically raise.

The risk side deserves attention too. Leverage amplifies returns in both directions. Even with “controlled” leverage through approved money markets, any disruption in the underlying DeFi lending protocols, or a sharp move in Treasury yields, could create stress for the product. The permissioned structure mitigates some counterparty risk, but it doesn’t eliminate it.

There’s also the question of how regulators will view leveraged products backed by government securities operating through DeFi infrastructure. The BVI regulation covering JTRSY is a start, but jurisdictional complexity tends to multiply as these products scale across borders and blockchain networks.