Ethena just parked $200 million into tokenized shares of the Janus Henderson Anemoy AAA CLO Fund, and it’s doing it on Solana. The deal, facilitated by Centrifuge as Ethena’s chosen tokenization partner, represents one of the largest real-world asset issuances the Solana network has ever seen.
Ethena is adding institutional-grade credit exposure to its collateral structure for the first time. The JAAA fund marks the first RWA collateral sleeve ever added to USDe’s backing.
What actually happened
Centrifuge won a competitive request for proposals process to become Ethena’s strategic tokenization partner. The firm used its deRWA standard, short for decentralized Real World Asset, to handle the onchain issuance and deployment of the JAAA fund shares.
The initial allocation sits at $200 million, but there’s room to grow. Ethena has a risk-approved cap of $310 million for potential expansion.
