JTRSY, issued by Anemoy Limited and tokenized by Centrifuge Network Foundation, is a tokenized fund interest that represents an ownership claim on a regulated treasury fund holding short-term U.S. Treasury exposure [S1][S2].

Each token represents an interest in the Janus Henderson Anemoy Treasury Fund, a yield-bearing strategy managed by Anemoy with Janus Henderson as sub-investment manager and backed by short-term U.S. Treasury exposure [S1]. The fund is yield-bearing, delivering treasury yield to tokenholders, with NAV and price-oracle updates computed on the protocol hub chain and distributed to all networks [S3][S4]. Special purpose vehicles operate as pass-through entities whose third-party services are performed for a service fee [S2].

The fund is structured by Centrifuge's asset-management arm Anemoy, with the website and protocol imprint naming the Centrifuge Network Foundation, formed in the Cayman Islands [S5][S1]. The protocol Terms of Use state that neither Centrifuge nor any affiliated entity is licensed in the holder's jurisdiction and that pools may be unregulated [S6]. Holders receive ERC-20 share tokens representing an interest in the fund [S7][S1]. Services may be restricted to sophisticated, accredited, or qualified investors, and purchases require KYC and AML onboarding [S6]. Pools define permissioning rules controlling who may hold, invest in, or redeem share tokens [S7][S2].

Share tokens follow the ERC-20 standard with ERC-1404 permissioning, issued from ERC-4626 and ERC-7540 vaults supporting synchronous and asynchronous request-based redemption [S7][S3]. The protocol uses a hub-and-spoke architecture, with cross-chain movement via a burn-and-mint mechanism for 1:1 transfers, deployed across Ethereum, Base, Arbitrum, Avalanche, and additional mainnet chains [S3][S8].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://centrifuge.io/blog/janus-henderson-anemoy-rating" },
    { id: "S2", url: "https://docs.centrifuge.io/user/issuer/" },
    { id: "S3", url: "https://docs.centrifuge.io/developer/protocol/overview/" },
    { id: "S4", url: "https://centrifuge.io/derwa-tokens" },
    { id: "S5", url: "https://centrifuge.io/imprint" },
    { id: "S6", url: "https://centrifuge.io/terms" },
    { id: "S7", url: "https://docs.centrifuge.io/user/concepts/tokenization/" },
    { id: "S8", url: "https://docs.centrifuge.io/developer/protocol/deployments/" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Tokenized funds

Anemoy earns management fees on assets under management. Its funds are tokenized and issued onchain via Centrifuge.

Anemoy manages tokenized, fully onchain funds covering AAA CLOs, US Treasuries, S&P 500 exposure and private credit. Janus Henderson Investors acts as sub-investment manager to the CLO, Treasury and S&P 500 funds; Apollo to the diversified credit fund.

Anemoy Asset Management Limited is a privately held, BVI-regulated fund manager. Its funds are issued through Anemoy Capital SPC Limited.

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Real-world asset (RWA) issuers

Anemoy

Janus Henderson Anemoy Treasury Fund (JTRSY) is a tokenized fund share issued by Centrifuge through Anemoy Capital SPC Limited and managed by Anemoy Asset Management Limited with Janus Henderson Investors as sub-advisor.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt, and charges a 0.15% annual management fee.

Its assets sit with J.P. Morgan, administered by Trident Trust, with MHA Cayman as auditor.

Professional investors can subscribe and redeem in USDC, with a USDC 500,000 minimum and same- or next-business-day subscription settlement, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

Anemoy Capital SPC Limited is regulated under the British Virgin Islands securities regime and is supervised by the BVI Financial Services Commission.

JTRSY has been issued on public blockchains since August 2024 and is native to 8 networks, including Base, Celo, Ethereum, Arbitrum One, BNB Chain, and Stellar, with a bridged version on one more network.

Janus Henderson Anemoy Treasury FundJTRSY