The JAAA tokenized fund, linked to the Janus Henderson Anemoy AAA CLO Fund, has reached a utilization rate of approximately 47%. This metric indicates the extent to which the tokenized product is deployed across DeFi protocols and liquidity providers.
Data from DefiLlama shows a total platform utilization rate of 47.6% for Centrifuge, with JAAA serving as a key contributor. The fund, which launched between May and July 2025 for non-US investors, provides exposure to AAA-rated tranches of collateralized loan obligations.
Over the 12 months leading to early October 2026, the fund processed over $717 million in redemptions across 93 orders, with settlement typically occurring within one to two days. Assets under management have fluctuated between approximately $585 million and $687 million, following an initial peak exceeding $1 billion.
JAAA is currently utilized as collateral on Aave Horizon. A pending proposal seeks to increase the loan-to-value ratio for the token from 81% to 87%, citing the fund's consistent redemption history as the primary justification for the adjustment.
