Pendle has opened a yield market for Centrifuge’s deJAAA, extending its principal-and-yield trading model into tokenized AAA-rated collateralized loan obligations. The new Base market allows eligible participants to separately trade principal exposure and the future floating-rate yield generated by a tokenized Janus Henderson-managed CLO strategy, with maturity scheduled for November 26, 2026.
According to Pendle’s October 21 announcement, the launch connects its yield infrastructure with an AAA CLO franchise that exceeds $30 billion in conventional assets. That figure describes Janus Henderson’s broader AAA CLO business and should not be interpreted as capital deposited into deJAAA or the new Pendle pool.
Janus Henderson runs over $30B in its AAA CLO strategy, with its core US fund among the largest actively managed fixed income ETFs.
That strategy is now on Pendle as @Centrifuge deJAAA (26 Nov 2026 maturity).
To mark it, @tn_pendle sat down with Nick Cherney, Head of Innovation… pic.twitter.com/Odbfl6BB5O
— Pendle (@pendle_fi) October 21, 2026
Janus Henderson’s conventional AAA CLO ETF held approximately $32.55 billion as of October 20. By comparison, Centrifuge currently reports about $580.7 million in the separate tokenized Janus Henderson Anemoy AAA CLO Fund and approximately $9.5 million in deJAAA, the transferable debt instrument used by Pendle.
Pendle Splits CLO Exposure Into Principal and Yield
deJAAA is issued through Centrifuge’s deRWA framework and linked to the Janus Henderson Anemoy AAA CLO Fund. The underlying fund holds primarily AAA-rated CLO tranches backed by diversified pools of corporate loans, with Janus Henderson acting as sub-investment manager and Anemoy Capital SPC Limited issuing the fund shares.
Centrifuge describes deJAAA as a tokenized note with an accreting price mechanism rather than a direct share in Janus Henderson’s conventional U.S. ETF. The distinction separates the $30 billion-plus traditional ETF from the on-chain investment structure that actually feeds the Pendle market.
Pendle then applies its established yield-tokenization model to that instrument. Principal Tokens, or PTs, represent the principal side of the position at maturity, while Yield Tokens, or YTs, capture the income generated until November 26, allowing users to take different views on future CLO yields without holding the complete deJAAA position.
Pendle’s technical documentation compares the mechanism with bond stripping in traditional finance. Buying PT below its maturity redemption value creates an implied fixed return, while buying YT provides leveraged exposure to changes in the underlying floating yield. The displayed fixed APY is market-derived rather than a guaranteed contractual return, particularly if the position is sold before maturity.
Tokenized Credit Gains Another DeFi Market
The Pendle launch extends deJAAA beyond simple ownership and secondary-market transfer. Centrifuge has already connected the underlying JAAA strategy to lending infrastructure including Aave Horizon, while its deployment across additional blockchain environments has made institutional fixed-income products available to more on-chain applications. Pendle adds an interest-rate market where the cash-flow characteristics of the asset themselves can be priced and traded.
That development follows a broader move from token issuance toward financial utility. Centrifuge has also connected tokenized funds with wallet-level distribution through Para and introduced assets as collateral in DeFi markets. Making a tokenized fund composable across trading, lending and yield markets expands its possible uses without establishing that those markets already have deep liquidity.
The new market is still small relative to Pendle’s largest crypto-native pools. Early liquidity therefore provides evidence that the rate market is operational, not that institutional CLO trading has migrated on-chain at scale. The underlying fund’s AUM, deJAAA’s outstanding value and liquidity inside Pendle remain distinct measures.
Eligibility constraints also remain relevant despite the permissionless nature of DeFi infrastructure. Centrifuge lists deJAAA for non-U.S. persons and entities with a $10,000 minimum investment, and making the instrument tradable through a decentralized protocol does not remove the legal terms attached to its issuance.
The significance of the launch is consequently narrower than tokenizing a $30 billion portfolio, but potentially more structural. Pendle is adding a market for pricing the principal and future income of an existing tokenized institutional credit product, moving on-chain RWAs another step from passive representations toward instruments that can support rate trading, liquidity provision and other financial strategies.