Share this article
Sky's Grove Expands to Avalanche With $250M RWA Plan, Partnering With Centrifuge, Janus
The expansion brings tokenized versions of credit and U.S. Treasury funds to Avalanche as part of the network's institutional finance push.
Jul 28, 2025, 1:00 p.m.
Make us preferred on Google
What to know:
- Grove, a credit protocol in the Sky ecosystem, is expanding to the Avalanche network with plans to deploy up to $250 million in tokenized assets.
- The protocol will invest in the Janus Henderson Anemoy AAA CLO Fund, issued by Centrifuge.
- Grove aims to create scalable on-chain credit markets by combining its tools with Avalanche's infrastructure, following a growing trend of asset tokenization.
Grove, a credit protocol in the Sky (formerly MakerDAO) ecosystem, is expanding to the network with plans to allocate up to $250 million into tokenized credit products, the companies said Monday.
Grove will invest in the Janus Henderson Anemoy AAA CLO Fund (JAAA) issued through Centrifuge, a blockchain platform that specializes on tokenization. Janus Henderson manages $373 billion in assets, making it one of the largest traditional finance entrances into Avalanche’s real-world asset (RWA) ecosystem. Centrifuge also introduces the Janus Henderson Anemoy Treasury Fund (JTRSY), a token backed by U.S. Treasury assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The move fits into the rapidly growing tokenization trend, placing traditional assets like credit, bonds and funds on blockchain rails. Grove Labs co-founder Mark Phillips said that combining Grove’s programmable capital tools with Avalanche’s throughput and Centrifuge’s tokenization infrastructure “lays the foundation for a new era of scalable onchain credit markets.”
Avalanche has been courting institutional adoption for tokenized assets. Earlier this year, the network was used to tokenize $240 billion worth of property deeds in a New Jersey county.
Grove’s team includes alumni from Deloitte, Citigroup and BlockTower and previously helped MakerDAO expand into tokenized Treasuries. The protocol aims to replicate that model for structured credit, creating programmable access to multi-trillion-dollar markets for both crypto-native and traditional investors.
Read more: Newest 'Star' in Sky Ecosystem Launches With $1B Tokenized Credit Strategy
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ethereum treasury firm buys jet engines amid tokenization push after selling ETH
ETHZilla is betting on bringing real-world assets on blockchain rails after it sold at least $114.5 million of its ETH stash over the past months.
What to know:
- ETHZilla acquired two jet engines via a new aerospace subsidiary in a $12.2 million deal, regulatory filings show.
- The company previously disclosed selling $114.5 million worth of ETH to fund stock buyback and debt redemption as digital asset treasuries faced market pressure.
- The acquisition could be part of ETHZilla's recently announced a pivot to asset tokenization, teaming up with a regulated broker-dealer and taking stakes in companies to bring auto loans and home loans onchain.
Top Stories
