- Falcon Finance's inclusion of JAAA moves RWAs onchain from a passive asset class to one that can be natively deployed for liquidity and yield.
Falcon Finance has made Centrifuge’s real-world credit token JAAA eligible as collateral to mint USDf, marking one of the very few live cases where a diversified AAA-rated CLO portfolio can serve as collateral in DeFi. JTRSY, a short-duration tokenized Treasury product, is also being added, expanding Falcon’s high-quality collateral set. The inclusion of these assets open the door to investment-grade corporate credit as part of Falcon’s next phase of RWA integration.
Falcon Finance, the universal collateral infrastructure for onchain liquidity and delta-neutral yield, continues to expand its collateral universe beyond crypto, treasuries, and tokenized equities. The inclusion of JAAA introduces a new category of high-quality, structured real-world credit into Falcon’s ecosystem, moving RWAs onchain from a passive asset class to one that can be natively deployed for liquidity and yield.
“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.”
JAAA, currently over $1B in TVL, is Centrifuge’s real-world asset token managed by Janus Henderson representing a curated, diversified portfolio of short-duration, investment-grade corporate credit. It brings an enhanced yield product through structured credit instruments, packaged into an accessible, onchain format that allows high-quality corporate debt to function as collateral in DeFi.
By accepting JAAA as collateral, Falcon enables users to keep exposure to high-quality real-world credit without selling it, while minting USDf against that position and deploying it across Falcon and the broader DeFi ecosystem. Structured credit stops being a static holding and becomes collateral that can be actively used for onchain liquidity and capital efficiency.
“We’re expanding Falcon’s RWA engine and partnering with the leading teams in the space, and Centrifuge is clearly one of them,” said Artem Tolkachev, Chief RWA Officer at Falcon Finance. “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, whether it delivers yield or carries market volatility. JAAA fits this direction perfectly and shows how real-world credit can become usable collateral onchain.”
Falcon uses RWA tokens purely as collateral, held in segregated reserve accounts. The economics of USDf do not depend on the yield of the underlying RWA; returns continue to come from Falcon’s market-neutral strategy stack. This allows collateral risk, strategy activity, and user return to remain clearly separated, keeping USDf consistent in behavior across different collateral types.
Advancing Falcon’s Cross-Asset Collateral Vision
The addition of JAAA fits into Falcon’s broader vision of supporting multiple classes of tokenized real-world assets as eligible collateral. Falcon already accepts tokenized equities, gold, U.S. Treasuries, and other high-quality instruments, and the introduction of structured corporate credit expands this universe further. Over time, Falcon plans to support diversified RWA baskets and professionally structured collateral portfolios, enabling users to unlock liquidity from a wider range of well-designed, compliant onchain assets.
“By 2030, most major liquid assets will exist as programmable collateral,” Artem said. “Credit, equities, commodities, treasuries – as these markets move onchain, Falcon’s role is to ensure that tokenized assets can be put to work rather than simply represented.”
Once users complete Falcon’s KYC flow, they can deposit JAAA and JTRSY as collateral and mint USDf against that position, retaining full exposure to the underlying RWA. The newly minted USDf can then be deployed into staking, liquidity pools, restaking, or Falcon’s delta-neutral yield strategies. In practice, this lets users stay fully invested in diversified real-world credit while still accessing onchain liquidity and market-neutral yield.
About Falcon Finance
Falcon Finance is a next-generation onchain liquidity protocol that allows users to unlock liquidity and access delta-neutral yield through USDf. Falcon supports a growing range of tokenized assets as collateral, including crypto, treasuries, tokenized equities, and now real-world credit instruments.
About Centrifuge
Centrifuge is the leading tokenized asset platform, connecting DeFi and traditionalfinance through tokenized credit, structured products, and institutional-grade RWA infrastructure. Centrifuge enables transparent, scalable, and globally accessible capital markets onchain.