Tokenized bonds backing DeFi loans sounds like something a finance bro hallucinated after reading too many whitepapers. But it’s real, and it’s scaling. AAVE’s Horizon market now supports JAAA, a tokenized representation of the Janus Henderson Anemoy AAA CLO fund, as borrowable collateral for leveraged stablecoin strategies.
Resolv Labs is the team putting this into production, deploying JAAA within its primeUSD vault framework with leverage capabilities up to 5x and a 30% vault cap. When Resolv first integrated JAAA as collateral on Horizon back in February 2026, the deployment involved up to $100M worth of the token, making it one of the largest real-world asset loop trades DeFi has ever seen.
What JAAA actually is, and why it matters
JAAA is a tokenized version of shares in the Janus Henderson Anemoy AAA CLO fund. CLOs, or collateralized loan obligations, are bundles 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 carries the lowest default risk.
The underlying fund hit $1B in assets under management relatively quickly after launch. As of mid-July 2026, JAAA’s on-chain market reserve sits between roughly $17.35M and $17.9M.
