Centrifuge has integrated Symbiotic’s liquidity network across three tokenized funds totaling $1.6 billion in assets under management, providing eligible investors an additional mechanism to convert positions into USDC.
The arrangement spans Janus Henderson’s JAAA, an AAA-rated collateralized loan obligation strategy, JTRSY, a short-duration U.S. Treasury fund, and New York Life Investment Management’s HYB, a U.S. high-yield corporate bond fund. Symbiotic’s Liquid Lane operates as an onchain request-for-quote marketplace where market makers source liquidity from vaults to fulfill redemption requests, either redeeming fund tokens directly with issuers or executing secondary RFQ transactions.
This structure allows investors to receive USDC immediately, while traditional fund redemptions proceed separately. Centrifuge, an asset tokenization platform, enables asset managers to issue and manage tokenized funds. Janus Henderson, managing roughly $500 billion in assets, has contributed significantly to Centrifuge’s growth through its JAAA and JTRSY products.
By December 2025, Centrifuge had attracted $1.3 billion in new inflows, primarily driven by the two Janus Henderson funds. JAAA alone accounted for approximately $1 billion in total value locked and ranked among the largest tokenized funds globally.
Symbiotic’s Liquid Lane is not the first liquidity route for Centrifuge’s tokenized funds, according to Felix Lutsch, Symbiotic’s head of ecosystem. Existing arrangements include a February 2025 partnership with Wintermute for 24/7 instant redemptions on JTRSY, and a June 2025 launch of HYB with a separate near-instant liquidity solution.
Lutsch emphasized that Liquid Lane’s distinction lies in its capital structure, enabling broader market maker participation without requiring pre-funding or inventory for individual assets. He noted that historically low trading volumes in tokenized assets have limited market maker incentives to commit capital, but aggregating redemption demand across issuers and asset classes could improve liquidity dynamics as tokenized funds increasingly serve as collateral in onchain markets.
