A New Benchmark: Particula Upgrades JTRSY’s Rating to AA+

The Janus Henderson Anemoy Treasury Fund (JTRSY), powered by Centrifuge, has received a rating upgrade from A+ to AA+ by Particula, an independent onchain risk assessment agency. This upgrade reflects meaningful improvements across governance, operations, and technical design, and reaffirms JTRSY’s standing as one of the top institutional-grade tokenized funds available onchain.

“This upgrade is a milestone not just for JTRSY, but for the entire tokenized RWA space. It demonstrates that onchain financial products can meet the standards of global asset managers, traditional rating agencies, and DeFi alike. We’re proud to provide the infrastructure powering this level of institutional quality.”
Anant Matai, Asset Management & Operations, Centrifuge

Through the Centrifuge platform, JTRSY provides onchain exposure to short-duration U.S. Treasury Bills, with daily liquidity, capital preservation, and real-time transparency.

What drove the upgrade?

• Strong governance
• The appointment of Janus Henderson Investors as sub-investment manager brought mature compliance practices, regulatory alignment with the UK’s FCA, and robust internal controls, enhancing the fund’s operational integrity.
• Scaled market strategy
• Over the past weeks, JTRSY has surpassed $440 million in TVL, reflecting accelerating adoption and demand for tokenized U.S. Treasuries. A major catalyst for this growth was the fund’s win in the Spark Tokenization Grand Prix, with the full amount deployed into the underlying portfolio.
• Hardened technical architecture
• Strong smart contract governance that includes a Root contract architecture with clearly defined roles, a 4-of-8 multisig structure, a Guardian contract, and a 48-hour timelock mechanism: all designed to reduce centralization risks and increase transparency.

"Following our ongoing monitoring of relevant on- and off-chain developments, the rating upgrade of the Janus Henderson Anemoy Treasury Fund token reflects measurable improvements in the token’s governance structure, operational resilience, and institutional oversight. Anemoy’s continued efforts to enhance transparency and align operational practices with institutional standards were key considerations in the rating action.”
‍Timm Reinsdorf, CEO.

JTRSY now stands as a benchmark for what tokenized real-world assets can achieve when built with institutional-grade infrastructure, transparent governance, and credible third-party oversight.

In March 2025, S&P Global Ratings assigned the fund a ‘AA+f’ fund credit quality rating and an ‘S1+’ fund volatility rating, acknowledging its conservative risk profile. The fund also received an Aa rating from Moody’s, reflecting the high credit quality of the fund’s underlying assets, primarily U.S. Treasury Bills, and the operational oversight of Janus Henderson, a top-tier asset manager.

Learn more about accessing JTRSY in Particula’s Rating Action.

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