Kraken Institutional. Centrifuge. Janus Henderson JAAA.

Three layers. One integrated institutional stack.
This is how tokenized funds actually become infrastructure — not through a single breakthrough, but through quiet integrations that solve real operational problems one by one.
Custody was the missing piece.
Institutions don't just need tokenized assets. They need custody frameworks that satisfy compliance, legal, and operational requirements built over decades of traditional finance.
Without qualified custody, tokenized funds stay on the periphery.
With it, they become eligible for everything that matters: treasury workflows, collateral management, financing operations, portfolio allocations.
Janus Henderson's JAAA isn't an experiment. It's a top-tier AAA CLO fund from one of the world's largest asset managers — now sitting in qualified custody, composable within institutional wrappers, deployable as collateral 24/7.
The sequence is becoming visible:
Custody solved → Financing unlocked → Treasury integration → Portfolio allocation.
Each barrier removed is not incremental progress.
It's multiplicative. Every new layer makes the entire stack more usable for the capital that actually moves markets.
Centrifuge keeps proving it is the most serious tokenization infrastructure in private credit.
Not the loudest. The most institutionally integrated.
That's a different kind of moat.
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