Authors
Centrifuge team.
Executive Summary
The Janus Henderson Anemoy Treasury Fund (formerly Anemoy LTF) has successfully passed governance in being accepted as collateral for FRAX via FIP-308 as of early 2024.
This proposal seeks to formally approve JTRSY as a custodian asset for frxUSD as the protocol enables a enshrined custodian model. JTRSY was recently given a A+ rating from Particula, and a AA rating from Moodys, the highest ratings ever given to a tokenized offering.
Additionally, Centrifuge uniquely has the ability to mint RWAs on Fraxtal with a deployment on the network. Any Centrifuge tokenized RWA used to back frxUSD, will be done so attributing TVL to Fraxtal with Centrifuge launching on the chain.
Background and Motivation
Frax USD (frxUSD) aims to attract billions in investment by serving as a fully collateralized, fiat-equivalent asset. It is supported by a diversified pool of stable, income-generating assets which the protocol can dynamically rebalance according to the most advantageous asset allocation strategy tailored to current market conditions.
In its mission to offer savings products to investors, Frax can leverage Centrifuge to access a range of yield opportunities, enabling Frax to fine-tune its investment exposure irrespective of prevailing interest rate conditions. Centrifuge enabling high quality real-world assets on Fraxtal aligns with Fraxtal’s mission to own the full DeFi value chain on the network.
JTRSY (formerly LTF) is issued by Anemoy, the asset management arm of Centrifuge. Anemoy recently partnered with Janus Henderson ($360B AUM), in which Janus Henderson formally became the investment manager of the fund under the Janus Henderson Anemoy Treasury Fund name.
Centrifuge is a pioneering tokenization protocol founded in 2017, and recognized for coining the term “Real-World Assets”. Centrifuge is uniquely issuer-agnostic, jurisdiction-agnostic, and asset-agnostic, seamlessly integrating into the decentralized finance ecosystem. Centrifuge is an open-source protocol governed and operated by a decentralized autonomous organization . Centrifuge has successfully financed over $680 million worth of assets as of February 2025, establishing itself as a leader in the RWA space.
Anemoy serves an asset management firm powered by Centrifuge technology, founded in 2023 by co-founders Martin Quensel and Anil Sood. Anemoy was established with a clear mission: to advance Centrifuge’s efforts in developing RWA products tailored specifically for bridging the TradFi and DeFi worlds.
Janus Henderson Investors (JHI), a leader in traditional finance managing over $360 billion in assets, will serve as sub-advisor to the Fund. Janus Henderson is a British-American global asset management group headquartered in London. Anemoy benefits from their expertise in Fixed Income and Alternatives.
JTRSY Overview
The Janus Henderson Anemoy Treasury Fund (JTRSY) will seek to provide a liquid, low risk portfolio through exposure to U.S Treasury Bills (T-bills) with maturities of between 0-3 months. The portfolio is carefully structured to manage yield curve, duration, and liquidity risks.
JTRSY was recently given a A+ rating from Particula, and a AA rating from Moodys, the highest ratings ever given to a tokenized offering. Notably, LTF is also currently undergoing a rating from S&P Global Ratings.
| List of Service Providers | |
|---|---|
| ISSUER | Anemoy Capital SPC Limited, a BVI segregated portfolio company and BVI professional fund, approved and licensed by the FSC. |
| SUB-ADVISOR | Janus Henderson Investors (JHI) |
| TOKENIZATION | Centrifuge |
| FUND ADMINISTRATOR | Trident Trust (Cayman) |
| FUND AUDITOR | MHA Cayman, for annual audit and reporting to the FSC |
| INVESTMENT MANAGER | Formally Anemoy Limited, a Irish limited liability company and sole member of Anemoy Capital SPC Limited |
| PRIME BROKER | StoneX |
| CUSTODIAN | Pershing |
| US BROKER ACCOUNT | StoneX prime broker account |
| US BANKING SERVICES | Silicon Valley Bank, a division of First-Citizens Bank for wire transfers and other payment services |
| EXCHANGE AGENT | Circle Internet Financial, LLC |
| ORACLE | Chronicle |
Fees for JTRSY are 25bps annually in the form of a management fee. Fees are automatically withheld from the NAV of the fund on a daily basis. There are no other fees associated with the fund.
Liquidity
JTRSY offers standard t+1 redemptions during banking days. However, recent advancements within the fund will soon allow JTRSY to be redeemed for USDC intraday/instantly.
The following chart demonstrates the standard redemption process.
Anemoy has strategically secured partnerships for liquidity vehicles and risk management, with a focus on addressing both the immediate needs and future state of DeFi. This solution is called the Anemoy Liquidity Network (ALN) and includes $100M+ in instant redemption capabilities.
For both instant redemption facilities, an instant redemption contract will be deployed that enables JTRSY holders to lock JTRSY fund shares, which can then be swapped for USDC by the liquidity partners, at predetermined fees. The swaps will be executed at the latest fund share price provided by the Chronicle RWA oracle.
Legal
The Fund is established as a BVI professional fund. This legal structure provides the best possible investor protection of any tokenized treasury product currently available.
The BVI professional fund structure provides direct recourse for investors to the segregated and ring-fenced assets of the Liquid Treasury Fund (i.e., US T-Bills and USD cash) in case of liquidation of the Fund.
Importantly, this direct recourse is enshrined in law rather than a mere contractual right.
This structure is more advantageous for investors than other tokenized treasury products such as SPV/debt offerings or exempt US 3(c)(7) funds.
Detailed Holdings
The Centrifuge app, including the Fund, offers investors unparalleled transparency by providing detailed insights into the individual assets held by the fund. Investors can view their holdings, Fund activities, returns, and overall fund composition in near real-time via the Centrifuge platform.
Our collaboration with Trident Trust further enhances the accuracy and efficiency of our reporting. Together, we publish an onchain record of portfolio data and net asset valuations, ensuring that all financial records are transparent, up-to-date, and accessible to investors at any time.
Transparency is a core value of Centrifuge. In the Assets tab, investors can see the individual Treasury Bills held by the Fund, with the CUSIP, Market Value, Realized & Unrealized P&L and the portfolio weighting per asset.
For each asset, investors can find all the asset details (including ISIN, issue date and maturity date) as well as key performance metrics such as Yield to Maturity, Market Value and Realized and Unrealized P&L on the dashboard. This is unique to the Centrifuge platform and provides unparalleled transparency in reporting.
The image below shows a detailed view of an individual Treasury Bill security.
Launching on Fraxtal
Centrifuge employs a unique architecture that allows it to issue RWAs on any EVM compatible chain, including the Fraxtal network. Investors on Centrifuge can choose to mint their RWAs on their preferred chain which Centrifuge supports.
Any RWAs used to back frxUSD will be minted on Fraxtal to further enhance community alignment and attribute more TVL to the Frax ecosystem.
With the introduction of Centrifuge V3, not only will issuers be able to launch pools on Fraxtal attributing TVL to the network, but asset managers will be able to natively manage RWA pools on Fraxtal as well.
This is a large opportunity for Fraxtal to be a home for RWAs, by both backing frxUSD with RWAs on Fraxtal, as well as growing Fraxtal RWAs within the DeFi ecosystem more broadly.
Voting
For: Add JTRSY as an enshrined custodian for Frax USD with an initial cap of $25M.
Against: Do nothing.