Pendle launched a live market for Centrifuge's $deJAAA on Wednesday, giving traders fixed-rate and floating-yield exposure to a token tied to the Janus Henderson Anemoy AAA CLO Fund. The market runs on the Base network and matures on November 26, 2026.
A direct RPC read at Base block 52894248 returned the pool token name 'PLP JAAA deRWA 26NOV2026' at contract 0x6c23193128f7907a3570234a6f6f1c2932f1e84b, confirming the deployment.
What the token actually wraps
The structure layers several entities. Centrifuge's product page describes $deJAAA as tokenized notes issued by Open Market Factory Limited, linked to the tokenized fund. Pendle's market description names Anemoy SPC Limited as issuer of the underlying fund, Janus Henderson Investors as active manager and Centrifuge as tokenization provider.
The fund itself holds AAA-rated tranches of collateralized loan obligations backed by pools of senior secured corporate loans. The senior tranche gets paid first and absorbs losses last, according to Pendle's description. Income is floating-rate and builds through a rising net asset value rather than cash payouts; holders realize accrued value by converting into $USDC.
Centrifuge lists an accreting price mechanism and a minimum investment of 10,000 USD. Eligibility is limited to non-US persons and entities. The platform describes liquidity as daily through the vault and around-the-clock on decentralized exchanges, with Checkout as oracle provider and Fordefi handling wallet infrastructure.
How the PT and YT split works
Pendle's model breaks a yield-bearing token into three pieces: Standardized Yield, Principal Tokens and Yield Tokens. In this market, one PT represents 1 USDC on Centrifuge at maturity, while one YT receives the yield on 1 USDC on Centrifuge until maturity.
Fixed return comes from buying PT below redemption value, with the discount turning into yield at maturity, per Pendle's mechanics guide. Selling PT before maturity uses market price, and supply and demand can push the realized return above or below the fixed APY shown at entry — including losses in extreme cases.
YT profit depends on a rise in resale price or collected yield exceeding acquisition cost. Income is claimable in real time and the token price falls to zero at maturity. Pendle documentation says YT can be sold at the prevailing market price without a lock or exit penalty.
A $30B figure that isn't this pool
Pendle cited more than $30B in Janus Henderson's overall AAA CLO strategy when describing the market. That number covers the manager's broader strategy, not deposits in this specific pool, and shouldn't be read as assets under management for the $deJAAA vehicle.
Entry and exit route through Pendle's router, which chooses between native minting and DEX swaps on the way in, and between native withdrawal and DEX swaps on the way out. The interface shows routed swap and direct vault redemption as separate paths, so users can see which mechanism their trade used.
What the deployment check does not cover
The onchain verification confirms deployed code and pool token identity. It does not audit the contracts or verify the fund's offchain assets — the CLO tranches and corporate loan pools that ultimately back the token.
That gap matters for anyone treating the AAA rating as a substitute for their own diligence. The maturity date is fixed at November 26, 2026. Until then, PT holders are locked into the discount-to-redemption trade unless they sell early at market price, and YT holders are betting on realized floating income against the cost of the token.
