Centrifuge’s JAAA tokenized fund has reached roughly 47% utilization, reflecting its growing presence across DeFi protocols and liquidity providers. According to DefiLlama data, Centrifuge’s total utilization rate stands at 47.6%, with JAAA playing a significant role in that figure. The milestone is driven by two key factors: fast redemption mechanisms and the token’s use as collateral in lending markets.
The JAAA token is tied to the Janus Henderson Anemoy AAA CLO Fund, offering investors exposure to AAA-rated tranches of collateralized loan obligations (CLOs). The tokenized shares, launched between May and July 2025, were designed for investors outside the US. Over the past year, the fund processed over $717 million in redemptions from 93 separate orders, with settlements typically completed within one to two days.
Assets under management (AUM) for the fund have ranged from $585 million to $687 million, down from a peak above $1 billion in its early stages. JAAA has recently been used as collateral on Aave Horizon, with a proposal aiming to raise its loan-to-value ratio from 81% to 87%. The proposal argues for the change based on the fund’s strong redemption track record.
For DeFi lenders, JAAA is becoming a test case for tokenized AAA credit as collateral. A higher loan-to-value ratio would offer borrowers more borrowing power per dollar of collateral, improving capital efficiency but also reducing the cushion against potential value or liquidity pressures. The next key markers to watch include the outcome of the Aave Horizon vote, any new protocol integrations for JAAA, and whether utilization holds near current levels.