Coin columns · Ethereum City (Capital)
JTRSY: A Tokenized Short-Term US Treasury Fund from Janus Henderson
A professional-investor T-bill fund issued on many chains
JTRSY is a fund issued by the asset manager Anemoy, with Janus Henderson as sub-adviser, that invests only in US Treasury bills maturing within three months, with its shares issued as tokens. It uses Centrifuge’s technology and is issued on Ethereum and several other blockchains.
1. Who issues and manages it
Anemoy is an on-chain asset manager in the Centrifuge ecosystem, and it is both issuer and manager of this fund. The fund is a professional fund licensed by the British Virgin Islands Financial Services Commission, and the global asset manager Janus Henderson helps run the portfolio as sub-adviser. Centrifuge supplies the technology to tokenize, manage and distribute the fund.
One token represents a share of the fund and uses the ERC-20 format on Ethereum. On the Crypto Nation map, JTRSY stands in Ethereum City (the capital), because the price-data source CoinGecko lists Ethereum as its first chain. The same token is also issued on chains such as Base, Arbitrum, Avalanche, BNB Chain and Stellar.
2. How a Treasury fund becomes a token
The fund invests only in US Treasury bills (short-term government debt) with up to three months left to maturity, aiming to limit price and interest-rate risk. Income is not paid out but accumulates in the fund, so the value of the share each token represents rises over time. No performance fee is charged, according to its listing.
Investors can request redemption (turning tokens back into cash) every day, processed on-chain and executed on the next US banking day. A liquidity network run by Anemoy is also described as offering a route to swap quickly into USDC or DAI.
3. Uses and milestones
The fund drew attention as a place for crypto organizations to park stablecoin-like cash. In September 2024 Janus Henderson, Anemoy and Centrifuge began a partnership to bring traditional investment products on-chain, and in March 2025 it was reported that Sky (formerly MakerDAO) chose the fund in its Spark Tokenization Grand Prix and allocated 200 million dollars to it.
Also in March 2025 the fund became available on the portal of BounceBit, an EVM-compatible layer-1 chain. Sky’s allocation is cited as an example of DeFi protocols placing part of their reserves in tokenized Treasuries.
4. Things to know
JTRSY is not a product for ordinary investors. It is offered only to professional investors outside the US, the minimum investment is large, and being listed on a coin-data site does not make it an ordinary coin anyone can buy on an exchange.
The fund holds only Treasuries, but using tokens adds separate risks: smart-contract errors, an issuance structure spread over many chains, reliance on Anemoy and the BVI fund structure, and possible delays in redemption processing. It is not protected like a US public fund or a bank deposit, and rules differ by country.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.