Centrifuge has integrated Symbiotic’s Liquid Lane liquidity network across three tokenized funds representing roughly 1.6 billion USD in assets under management, giving eligible holders a new route to exchange their positions for USDC without waiting for traditional redemption cycles.
The integration covers Janus Henderson’s JAAA, an AAA-rated collateralized loan obligation strategy, JTRSY, a short-duration US Treasury strategy, and New York Life Investment Management’s HYB, a US high-yield corporate bond strategy, according to Cointelegraph.
How the liquidity network works
Symbiotic’s Liquid Lane uses an onchain request-for-quote marketplace where market makers can tap liquidity from vaults to fill redemption requests. Once a market maker fills a request, they can redeem the acquired fund tokens through the issuer or sell them through another RFQ transaction.
The practical effect is that investors can receive USDC immediately, while the funds’ normal redemption process takes place separately in the background. For tokenized versions of traditionally slow-moving instruments, such as corporate loans and Treasury strategies, that split between instant user liquidity and slower backend settlement is the core value proposition.
Centrifuge is an asset tokenization and vault platform where asset managers issue and manage tokenized funds. Janus Henderson, a global asset manager with approximately 500 billion USD in assets under management, has been a significant contributor to the platform’s growth through its JAAA and JTRSY products.
By December 2025, Centrifuge had attracted about 1.3 billion USD in new inflows, driven primarily by the two Janus Henderson funds, according to Token Terminal. JAAA alone had contributed roughly 1 billion USD in total value locked and ranked among the largest tokenized funds in the market.
Not the first liquidity route, and that is the point
Liquid Lane is not the first liquidity route available for Centrifuge’s tokenized funds, Felix Lutsch, Symbiotic’s head of ecosystem, told Cointelegraph.
“We’re not claiming to be first, and other liquidity routes exist. That’s healthy for the market,” Lutsch said.
Centrifuge announced a partnership with Wintermute in February 2025 to provide around-the-clock instant redemptions for JTRSY. HYB launched in June with a separate liquidity arrangement for near-instant redemptions.
Lutsch said the distinction with Liquid Lane lies in the capital structure behind the transactions rather than their speed. The marketplace allows multiple market makers and curators to participate without market makers having to pre-fund and carry inventory for individual assets.
“The bigger constraint has been flow,” Lutsch said, noting that low trading volumes in tokenized assets have historically given market makers little incentive to commit capital.
Aggregating redemption demand across issuers and asset classes could improve those economics as tokenized funds are increasingly used as collateral and financing assets in onchain markets, he added.
Why it matters for DeFi yields
For onchain investors, the integration speaks to a maturing problem in real-world asset tokenization. The supply side has grown quickly, with billions in tokenized funds now live across major issuers, but secondary liquidity has lagged behind. Redemption windows that mirror the underlying TradFi instruments can stretch for days, which makes tokenized funds awkward to use as trading or collateral assets.
Competing liquidity layers, such as the RFQ model used by Wintermute for JTRSY and the arrangement behind HYB’s near-instant redemptions, attack the same bottleneck from different angles. The Symbiotic approach tries to avoid requiring a single market maker to hold inventory, instead spreading redemption flow across a broader set of participants.
The three funds covered by the integration also represent a cross-section of the tokenized credit market: a top-rated CLO strategy, a short-duration government bond strategy, and a high-yield corporate bond strategy. If aggregated redemption demand across those asset classes succeeds in attracting more market-maker capital, it could narrow the gap between the instant liquidity users expect onchain and the settlement realities of the underlying instruments.
The integration also arrives at a moment when tokenized real-world assets are increasingly being plugged into onchain money markets as collateral. The easier it is to exit a position into USDC, the more willing DeFi protocols and their risk teams are to accept tokenized funds as first-class collateral rather than treating them as illiquid long-tail assets.
The bigger picture is that liquidity infrastructure is becoming a competitive layer of its own within tokenized finance. Issuers once competed primarily on fund design and custody arrangements. Increasingly, the ability to offer immediate, predictable exit liquidity may determine which tokenized funds actually get used in DeFi, rather than sitting passively in wallets.
As of the time of writing, Bitcoin trades around 79,000 USD, Ethereum around 2,481 USD, and Solana around 104 USD.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
instant USDC exits on a 1.6B CLO fund sounds great until everyone hits the button the same day. the RFQ market makers have finite inventory, thats the part nobody prices in
thats literally the argument against any redemption window tho. the desk hedges the fill, they dont sit on JAAA bags waiting to blow up
JTRSY and JAAA finally getting real secondary liquidity is the actual promise of tokenization delivered. Waiting T+2 for a Treasury fund redemption was always absurd.
new york life doing high yield onchain before half the defi sector figured out compliance lol
JAAA at AAA-rated CLO exposure getting instant USDC exits is quietly huge. the boring tokenized funds are the ones actually shipping
agreed on JAAA but someone still has to warehouse that CLO risk when the market maker fills the exit. curious what the spread looks like on a genuine stress day
1.6 billion across three funds and people still tell me RWA is just a narrative. Janus Henderson and New York Life are not deploying into toy infrastructure
@Marta Kild fair but remember Wintermute was already doing this for JTRSY since feb 2025. the RFQ part isnt new, the multi-fund scale is
wintermute angle is fair but three funds at once means actual competitive quotes instead of one desk naming its price. thats the part that changes the game
instant USDC exits for a Treasury fund while my bank still holds wires for 3 days. JTRSY holders finally get what tokenization promised