A tokenized US Treasury fund built on Centrifuge’s infrastructure has quietly become one of the largest onchain investment products in existence, with roughly $882 million in total asset value and the kind of credit rating that most DeFi protocols can only dream about.
JTRSY, the token representing the Janus Henderson Anemoy Treasury Fund, is delivering a 7-day APY of around 4.4% while giving holders real-time visibility into NAV, holdings, and performance metrics.
What JTRSY actually is
Centrifuge tokenized what was previously known as the Anemoy Liquid Treasury Fund, relaunching it as JTRSY on September 13, 2024. The fund invests in short-duration US Treasury bills with maturities between zero and three months, with Janus Henderson serving as sub-advisor.
The fund operates as an ERC-7540 vault on Centrifuge’s platform, a token standard designed specifically for tokenized real-world assets that need structured deposit and redemption flows. Settlement happens through USDC rails, and the system uses real-time proof-of-reserves and NAV oracles to keep everything transparent.
Subscriptions and redemptions happen same-day for whitelisted investors. The annual management fee sits at 25 basis points, deducted directly from NAV. As of early August 2026, the NAV per token is $1.11 with approximately 30 holders on the books.
The fund is designed for professional non-US investors and operates under British Virgin Islands regulatory oversight. The fund crossed $1 billion in AUM during Q1 2026 before settling to its current level.
The rating that turned heads
In March 2025, S&P Global Ratings assigned JTRSY an AA+f/S1+ rating. That made it the highest-rated tokenized fund in existence at the time, according to S&P’s own framework.
The fund also carries ratings from Moody’s and Particula, a newer ratings agency focused specifically on tokenized products. S&P’s assessment highlighted the fund’s operational resilience, pointing to its use of multisig wallets and what the agency considered an efficient tokenization framework.
Why this matters for DeFi and institutional adoption
Because JTRSY exists as an onchain token, it can theoretically be used as collateral in lending protocols — an AA+f-rated Treasury fund token pledged as collateral on a decentralized lending platform.
The fund’s structure, with same-day liquidity, real-time NAV tracking, and USDC settlement, removes many of the friction points that have historically kept traditional asset managers away from blockchain rails.
Janus Henderson’s involvement as sub-advisor is notable. The firm manages hundreds of billions in assets globally and has attached its name to this tokenized product.
At 4.4% APY on what is essentially a tokenized T-bill fund, JTRSY competes directly with both traditional money market funds and DeFi yield products. The competitive landscape for tokenized Treasuries includes BlackRock’s BUIDL fund and Franklin Templeton’s BENJI among the notable entrants.