Falcon Finance has announced a major expansion of its collateral universe by integrating the tokenized asset platform Centrifuge’s JAAA token. The move makes JAAA, a token representing a diversified portfolio of short-duration, AAA-rated corporate collateralized loan obligations (CLOs), eligible as collateral to mint the synthetic dollar, USDf.

This partnership marks a significant step for decentralized finance (DeFi) as it is one of the few live instances where investment-grade structured credit can be natively deployed as collateral in a DeFi protocol. Falcon is also adding JTRSY, a short-duration tokenized Treasury product, to its high-quality collateral set.

According to a media release, the inclusion of JAAA—a Centrifuge real-world asset (RWA) token managed by Janus Henderson with over $1 billion in total value locked (TVL)—introduces a new category of high-quality, structured real-world credit into Falcon’s ecosystem.

This shifts RWAs from a passive and yield-bearing asset class to an active, liquid one. By accepting JAAA as collateral, Falcon enables users to retain exposure to high-quality corporate credit and its underlying yield. It enables the minting of USDf against that position and deployment of the newly minted USDf across Falcon’s delta-neutral yield strategies and the broader DeFi ecosystem.

Leaders from both companies emphasized that utility is the crucial next step for RWAs.

“Tokenizing real-world assets is only the first step. The real transformation happens when these assets can be used as collateral directly onchain,” said Bhaji Illuminati, CEO & Co-Founder of Centrifuge Labs. “By enabling JAAA and JTRSY to power new forms of credit through Falcon Finance, this partnership unlocks additional utility for holders and moves the industry closer to a fully interoperable, onchain financial system.”

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Artem Tolkachev, Chief RWA Officer at Falcon Finance, noted that the market is evolving beyond simple tokenized Treasuries toward more complex, higher-yield assets.

“The market is evolving from a first wave focused on tokenized Treasuries toward higher-yield, higher-complexity credit assets. Our goal is to support this shift by enabling liquidity for any well-structured tokenized asset… JAAA fits this direction perfectly and shows how real-world credit can become usable collateral onchain,” Tolkachev stated.

The addition of JAAA fits into Falcon’s broader vision of supporting multiple asset classes—including tokenized equities, gold, and U.S. Treasuries—to become eligible collateral. Users who complete KYC can now deposit JAAA and JTRSY to mint USDf, accessing liquidity while staying fully invested in their RWA positions.

• What new collateral did Falcon Finance integrate? Falcon added Centrifuge’s JAAA token, backed by AAA‑rated corporate CLOs.
• Why is this significant for DeFi? It’s one of the first live cases of investment‑grade credit used as on‑chain collateral.
• Who manages the JAAA token? Janus Henderson oversees JAAA, with more than $1B in total value locked.
• How can users benefit from this integration? KYC‑verified users can deposit JAAA or JTRSY to mint USDf and access DeFi liquidity.

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