The JAAA token, representing shares of the Janus Henderson AAA CLO Fund, has become the largest tokenized collateral asset on the Aave Horizon platform. Deposits of the asset reached approximately $47 million.
Aave Horizon is a permissioned market launched in 2025 as a fork of Aave V3 on Ethereum, designed for institutional participants. The JAAA token was introduced on-chain in mid-2025 through the Centrifuge platform.
As of October 15, 2026, the supply of JAAA on the platform reached $51.9 million, with deposits fluctuating between $40 million and $50 million in late October 2026. Currently, $45 million in loans are backed by these reserves.
LlamaRisk proposed increasing the loan-to-value ratio for JAAA from 81% to 87% and raising the liquidation threshold from 86% to 89%. These changes are based on the fund's history of 93 redemptions totaling $717.3 million over the past year.
In 2026, the total assets under management for the Janus Henderson fund ranged between $585 million and $687 million, down from previous peaks exceeding $1 billion.
