Kraken Institutional just made it possible for institutions to hold a tokenized version of a Janus Henderson AAA-rated CLO fund inside its qualified custody framework. The token, called JAAA, can settle instantly onchain at any hour of any day, and doubles as collateral for trading and borrowing through Kraken Prime.
It’s the first tokenized real-world asset to land inside Kraken Custody.
What JAAA actually is
The underlying strategy is a AAA-rated collateralized loan obligation managed by Janus Henderson, a firm overseeing roughly $21 billion in its off-chain CLO strategy.
A CLO is essentially a bundle of corporate loans sliced into tranches by risk level. The AAA tranche sits at the very top of the credit quality stack, meaning it gets paid first and absorbs losses last.
