NEW YORK, July 1 — Tokenized US Treasuries just got a new job. The JTRSY token, which represents shares in the Janus Henderson Anemoy Treasury Fund, is being integrated into PrimeUSD, a permissioned leveraged product built by Resolv Labs through its Vault Street platform. Here’s what that means in plain terms: JTRSY is a digital token that stands for a slice of a real-world government bond fund.
Now, it can be used as collateral inside PrimeUSD, which is a leveraged trading product. Think of it like being able to put your savings account certificate up as security for a margin loan — except this all happens on a blockchain.
JTRSY launched in 2024 as a BVI-regulated tokenized fund. It originally debuted as the Anemoy Liquid Treasury Fund on the Centrifuge platform before Janus Henderson came aboard as sub-investment manager. The fund invests primarily in US Treasury bills with maturities under six months.
The practical upshot: investors get exposure to short-term government debt, but in a form that can move around in decentralized finance protocols. Credit rating agencies have given it serious stamps of approval.
S&P Global Ratings assigned it AA+f/S1+ as of March 2025, making it the highest-rated tokenized fund in existence. Moody’s gave it an Aa rating. Those are not casual grades — they signal institutional-grade quality in a corner of finance that’s still finding its footing.
The fund’s assets under management sit in an estimated range between $400 million and $870 million. Its management fee runs approximately 25 basis points. That fee structure is competitive with traditional Treasury money market funds, but the tokenized wrapper lets it plug into crypto-native lending and borrowing markets.
Protocols like Morpho are already utilizing JTRSY as collateral for DeFi lending. The PrimeUSD integration takes that one step further by layering leverage on top.
The exact mechanics of how PrimeUSD works are still emerging, but the pattern is becoming clear: real-world assets are being wired into the crypto financial system, and Treasury bills are leading the charge. Why does this matter for ordinary readers? Because tokenized Treasuries represent one of the most concrete bridges between traditional finance and crypto.
Instead of exotic digital assets with no underlying value, JTRSY is backed by actual US government debt. The integration into PrimeUSD suggests that institutional players see a use case for these tokens beyond just holding them — they want to put them to work as collateral, the same way banks use Treasuries in the repo market.
The practical upshot is that we’re watching the plumbing of finance get rebuilt. Tokenized funds like JTRSY let investors hold regulated, rated assets that can move on blockchains. Products like PrimeUSD let them borrow against those assets.
The question now is whether this kind of infrastructure can scale beyond the early adopters. What to watch next: whether other tokenized funds follow JTRSY into leveraged products, and whether regulators take a closer look as these connections between traditional bonds and crypto lending tighten. For now, the highest-rated tokenized fund in existence just became a building block for something new.
