NEW YORK — The line between traditional government bonds and crypto trading just got a little thinner. And a lot more official. JTRSY, a digital token that represents shares in the Janus Henderson Anemoy Treasury Fund, is now accepted as collateral inside PrimeUSD.
That is a permissioned leveraged product built by Resolv Labs through its Vault Street platform. For anyone watching the slow, sometimes awkward marriage of Wall Street and decentralized finance, this is a concrete step forward.
Think of it this way: a token that stands for a slice of a real-world government bond fund can now be used to back a leveraged trade. All on a blockchain. The fund itself invests primarily in U.S. Treasury bills with maturities under six months.
Safe stuff. Boring stuff.
The kind of paper that pension funds buy by the truckload. JTRSY launched in 2024. It started life as the Anemoy Liquid Treasury Fund on the Centrifuge platform.
Then Janus Henderson came on as sub-investment manager. The fund is regulated in the British Virgin Islands. Its management fee runs roughly 25 basis points.
That is competitive with traditional Treasury money market funds. But the wrapper is what matters.
The tokenized wrapper lets the fund plug into crypto-native lending and borrowing markets in a way a standard mutual fund share cannot. Credit rating agencies have taken notice. S&P Global Ratings assigned JTRSY an AA+f/S1+ as of March 2025.
That makes it the highest-rated tokenized fund in existence. Moody’s gave it an Aa rating.
Those are not casual grades. They signal institutional-grade quality in a corner of finance that is still finding its footing. Still proving itself.
The fund’s assets under management sit somewhere between $400 million and $870 million. That is a wide range. It reflects the fact that this market is still young.
Still being measured. Still being understood.
Protocols like Morpho are already using JTRSY as collateral for DeFi lending. That matters. It means the token is not just sitting in a wallet collecting dust.
It is moving. It is being used.
It is doing what tokens are supposed to do: circulate. PrimeUSD is a permissioned product. That qualifier — permissioned — is important.
It means not just anyone can walk in and use it. There are gates. There are checks.
That is by design. It keeps the product in a lane that regulators can live with.
It keeps the institutional investors comfortable. Tokenized real-world assets have been a talking point in crypto for years. The idea always made sense on paper: take something solid, something with yield, something boring, and put it on a blockchain where it can move fast.
The hard part was execution. The hard part was getting the ratings.
The hard part was getting a firm like Janus Henderson to sign on. That happened. Now this.
The practical upshot for investors is straightforward. They get exposure to short-term government debt. But in a form that can move around in decentralized finance protocols.
That is the whole point. That is the innovation.
It is not flashy. It is functional. None of this means crypto has gone mainstream.
It means a specific, high-quality slice of the bond market has found a new home in a specific, permissioned corner of crypto. That is progress.
Measured, incremental, real progress.
