Centrifuge highlights advantages of AAA CLOs over Treasuries as tokenized fund gains traction

Centrifuge, the blockchain protocol focused on tokenizing real-world assets, is making a pointed case that US Treasuries aren’t the safe-haven slam dunk investors assume them to be. In a recent social media post, the protocol laid out why AAA-rated collateralized loan obligations deserve a closer look: higher credit ratings, floating-rate exposure, near-zero duration risk, and excess yield over government bonds. The case against Treasuries AAA CLOs are floating-rate instruments linked to benchmarks like SOFR (the Secured Overnight Financing Rate). When rates move, their coupons adjust accordingly. The duration risk on AAA CLOs is near zero. AAA CLOs actually carry higher credit ratings than US Treasuries in certain rating agency frameworks. CLO tranches are structured with layers of subordination that protect AAA holders, and rating agencies evaluate them accordingly. AAA CLOs also offer a spread over SOFR, generating excess return compared to Treasuries of similar credit quality. Centrifuge’s tokenized CLO play Centrifuge has skin in the game through its Janus Henderson Anemoy AAA CLO Fund, known by its ticker JAAA. JAAA received a $1 billion allocation from Sky/Grove in June 2025...