Loyalty programs issue more than $300 billion in value every year. The infrastructure managing the money behind those points and rewards? Still running like it’s 2005.
Centrifuge, Janus Henderson, and SmartMedia Technologies (SMT) announced a partnership to bring onchain reserve management to the loyalty industry through institutional tokenized vaults. The initiative connects Janus Henderson’s asset management muscle with SMT’s loyalty infrastructure and Centrifuge’s tokenization platform, targeting the long-standing disconnect between how loyalty reserves are held and how points are actually issued and redeemed.
What the partnership actually does
The new system routes reserve assets into Janus Henderson’s tokenized strategies, specifically its JTRSY and JAAA products, which together manage $1.5 billion in assets under management as of August 2026. By tokenizing these reserves on Centrifuge’s infrastructure, the loyalty program operator gets real-time visibility into reserve balances, automated compliance, and the ability to programmatically link reserve movements to point issuance and redemption.
SMT brings the distribution side. The company’s SmartPoints protocol enables programmable loyalty rewards that work across different ecosystems, and its client roster includes names like Visa, FIFA, and Samsung.
