Grove Expands to Avalanche Network

Grove, a credit protocol within the Sky (formerly MakerDAO) ecosystem, is expanding to the Avalanche network with plans to allocate up to $250 million into tokenized credit products, announced Monday.

Grove will invest in the Janus Henderson Anemoy AAA CLO Fund (JAAA), issued through Centrifuge, a blockchain platform specializing in tokenization. Janus Henderson manages $373 billion in assets, marking a significant traditional finance entry 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.

This move aligns with the growing trend of tokenization, which aims to place traditional assets such as credit, bonds, and funds on blockchain technology. Mark Phillips, co-founder of Grove Labs, stated that combining Grove’s programmable capital tools with Avalanche’s high throughput and Centrifuge’s tokenization infrastructure “lays the foundation for a new era of scalable on-chain credit markets.”

Avalanche is actively seeking institutional adoption for tokenized assets. Earlier this year, the network was successful in tokenizing $240 billion worth of property deeds in a New Jersey county.

Grove’s team consists of alumni from Deloitte, Citigroup, and BlockTower and has previously assisted MakerDAO in expanding into tokenized Treasuries. The protocol aims to replicate that model for structured credit, facilitating 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