Centrifuge published an educational video series featuring Nick Cherney, Head of Innovation at Janus Henderson, on collateralized loan obligations (CLOs) and their onchain implementation through the Janus Henderson Anemoy AAA CLO Fund, known as JAAA. The fund has roughly $687 million in assets under management and operates across eight blockchain networks, including Ethereum and Solana. CLOs pool typically 140 to 180 floating-rate corporate loans and divide the cash flows into tranches, with senior AAA-rated investors paid before junior holders, who absorb losses first in exchange for higher yields. JAAA brings this waterfall structure onto blockchain infrastructure, with daily subscriptions and redemptions in stablecoins and an annual percentage yield of approximately 4.5%. Centrifuge says its broader tokenization platform has more than $1.6 billion in total value locked. The structure is presented as a more advanced stage of traditional-finance tokenization after stablecoins and tokenized Treasuries, although blockchain implementations add smart-contract, oracle and cross-chain bridge risks that traditional CLOs do not carry.