Centrifuge (@centrifuge): The allocation to JAAA by @Ethena reflects a broader shift in how digital dollar ecosystems think about backing assets.

The allocation to JAAA by @Ethena reflects a broader shift in how digital dollar ecosystems think about backing assets. AAA CLOs sit at the top of the CLO capital structure and have historically delivered yields above T-Bills, making them one of the largest and most established segments of institutional credit markets. JAAA brings that exposure onchain through an actively managed strategy from Janus Henderson, the manager behind the largest CLO ETF. For USDe, it introduces a new source of institutional yield that is less dependent on crypto market conditions and funding rates. A broader backing framework. A broader set of return drivers.