Grove and Janus Henderson Bring Traditional Finance to Avalanche
Avalanche is set to significantly increase its real-world asset (RWA) footprint with a $250 million investment through Grove, an institutional-grade credit protocol backed by Steakhouse Financial. The move marks a major step forward for tokenisation on the Avalanche blockchain, which currently trails Ethereum in total onchain RWA value.
Grove, developed by Grove Labs and incubated by Sky (formerly MakerDAO), is partnering with global asset manager Janus Henderson Anemoy to deploy two financial products on Avalanche. These products are the Janus Henderson Anemoy AAA CLO Fund (JAAA) and the Janus Henderson Anemoy Treasury Fund (JTRSY). The initiative aims to bring more institutional-grade credit opportunities onchain, supporting the broader growth of decentralised finance (DeFi).
Targeting US Treasurys and Collateralised Loan Obligations
The newly deployed funds are designed to provide investors with exposure to two critical segments of traditional finance. The JAAA fund offers access to the collateralised loan obligation (CLO) market, a cornerstone of fixed-income investment. It was launched onchain through Centrifuge, a platform known for tokenising high-profile assets including the S&P 500 Index fund.
The Janus Henderson Anemoy Treasury Fund’s key metrics. Source: RWA.xyz
Meanwhile, JTRSY is an actively managed fund focused on short-term US Treasury bills, also issued via Centrifuge. Although the fund already holds over $408 million in assets, the majority of its value is currently on Ethereum. The transition to Avalanche suggests a growing appetite for multichain RWA deployment and diversification beyond Ethereum’s dominant position.
Avalanche’s RWA Market Set to Double
The deployment of these two funds is expected to more than double Avalanche’s total onchain RWA value. According to industry data, the network currently hosts 29 RWAs valued at around $195 million. Grove’s $250 million target will bring that total above $445 million, significantly enhancing Avalanche’s position in the RWA market.
This expansion reflects a broader trend within the blockchain space, where alternative networks are increasingly being used for asset tokenisation. While Ethereum still accounts for approximately 59 percent of the total RWA market, newer blockchains are making rapid inroads.
Aptos, Solana and Others Join the RWA Race
Avalanche’s push into RWAs comes amid growing competition from other blockchains. Aptos, in particular, has seen a sharp increase in tokenisation activity, supported by major financial institutions such as BlackRock, Franklin Templeton and Berkeley Square. The network’s appeal has been further strengthened by favourable regulatory developments, including the passage of the US GENIUS Act. According to Aptos’ Chief Business Officer Solomon Tesfaye, the act is expected to accelerate RWA adoption by legitimising stablecoins as entry points to tokenised assets.
Other networks including Solana, Stellar and Algorand are also gaining ground. These platforms offer lower transaction costs and faster settlement times, making them attractive alternatives for issuing tokenised assets.
Tokenisation Trends Move Beyond Bonds
While RWAs have traditionally centred around private credit and US Treasury securities, new opportunities are emerging. According to a recent report from data provider RedStone, the next wave of tokenisation could involve equities and commodities. These sectors, long underrepresented in the DeFi space, may soon benefit from blockchain’s transparency and efficiency.
The rise of platforms like Centrifuge has demonstrated that even highly regulated, traditional assets can be integrated into DeFi ecosystems. By enabling secure, compliant access to instruments such as CLOs and Treasury bills, tokenisation is helping to bridge the gap between institutional finance and decentralised technology.
Grove’s Role in DeFi Integration
Backed by Steakhouse Financial, Grove has positioned itself at the forefront of DeFi and stablecoin innovation. The firm plays an active role in the Morpho ecosystem and is focused on bringing real-world financial instruments into the blockchain space with a level of rigour that appeals to institutional investors.
Avalanche RWA metrics. Source: RWA.xyz
With the support of Janus Henderson Anemoy, a $373 billion asset manager known for its mutual funds, ETFs and alternative investments, Grove aims to deliver scalable credit solutions on Avalanche. The collaboration reflects a growing interest among traditional finance players in blockchain-powered infrastructure, particularly as compliance and transparency tools improve.
As tokenisation becomes a core pillar of blockchain utility, Avalanche’s partnership with Grove and Janus Henderson sets the stage for further institutional adoption and network growth.
