The path JTRSY took to becoming collateral inside PrimeUSD began more than a year ago. The token itself launched in 2024. It started as the Anemoy Liquid Treasury Fund on the Centrifuge platform.
That fund was BVI-regulated from the start. Then Janus Henderson came aboard as sub-investment manager.
That changed things. The fund invests in US Treasury bills. Maturities stay under six months.
That is short-term government debt, plain and simple. The token represents shares in the Janus Henderson Anemoy Treasury Fund.
A digital wrapper around a real-world bond fund. Credit raters took notice early. S&P Global Ratings assigned it AA+f/S1+ as of March 2025.
That made it the highest-rated tokenized fund in existence, according to S&P. Moody’s gave it an Aa rating. Those are not casual grades.
They signal institutional-grade quality in a corner of finance still finding its footing. Assets under management sit in an estimated range.
Between $400 million and $870 million. That is a wide band, but the number is large either way. The management fee runs approximately 25 basis points.
Competitive with traditional Treasury money market funds. But the tokenized wrapper lets it plug into crypto-native lending and borrowing markets.
That is the difference. Protocols like Morpho already use JTRSY as collateral for DeFi lending. Now PrimeUSD is joining that list.
PrimeUSD is a permissioned leveraged product. Resolv Labs built it through its Vault Street platform. The integration means JTRSY can now be used as collateral inside PrimeUSD.
Think of it like putting your savings account certificate up as security for a margin loan. Except this all happens on a blockchain.
That is the practical upshot. Investors get exposure to short-term government debt, but in a form that can move around in decentralized finance protocols. The timeline is straightforward. 2024: JTRSY launches as a BVI-regulated tokenized fund.
The Anemoy Liquid Treasury Fund on Centrifuge. Janus Henderson comes on as sub-investment manager.
March 2025: S&P assigns its top rating for tokenized funds. Moody’s follows with Aa. Then Resolv Labs integrates JTRSY into PrimeUSD through Vault Street.
That integration is the news announced July 1. Tokenized US Treasuries just got a new job. That is the headline.
But the story is older than that. It started with a BVI-regulated fund, a platform called Centrifuge, and a manager named Janus Henderson.
Then came the ratings. Then came the protocols. Now PrimeUSD.
The fund’s fee structure runs about 25 basis points. That is competitive.
But the real value is in the wrapper. A token that represents a slice of a real-world government bond fund can now be used as collateral inside a leveraged trading product. Permissioned, built by Resolv Labs, on Vault Street.
S&P gave it AA+f/S1+. Moody’s gave it Aa. Those are not casual grades.
They matter because this is a corner of finance that is still finding its footing. Institutional-grade quality in a space that needs it.
The assets under management range between $400 million and $870 million. That is a lot of Treasury bills. Bills under six months maturity.
Short-term government debt. Now it can move around in DeFi protocols.
Morpho already uses it. PrimeUSD now does too. That is the sequence.
Fund launches. Manager joins. Ratings come.
Protocols adopt. PrimeUSD integrates.
Each step built on the last. The token started as a BVI-regulated fund on Centrifuge. Now it is collateral in a permissioned leveraged product.
That is the path JTRSY took.
