The End of T+1 for Treasuries

U.S. Treasury bills are among the safest and most liquid instruments in global markets. Yet, across both traditional and tokenized markets, most Treasury products still operate on T+1 redemption timelines. The friction has never been the asset itself, but the infrastructure around it: banking hours, redemption windows, and settlement systems designed for markets that do not operate continuously.

Tokenization began changing that experience by bringing Treasury exposure onchain with continuous transferability, multichain distribution, and composability across crypto markets. Centrifuge’s JTRSY (Janus Henderson Anemoy Treasury Fund) is one of the clearest examples of that shift.

Now, JTRSY is one of the first Treasury products to break from the T+1 redemption model, becoming one of the most capable Treasury products available on- or offchain. With Grove Basin providing up to $1 billion in committed daily liquidity, JTRSY holders can redeem to USDC instantly, 24/7.

At first glance, that may sound like a settlement improvement. In practice, it changes what a Treasury product can be. The velocity of money increases at an order of magnitude, overcollateralization requirements shrink, and DeFi utility is added to one of the largest asset classes on earth.

Stablecoin Reserves and Treasury Management

Instant, 24/7 redemption becomes especially important for stablecoin issuers, protocols, and allocators managing liquidity across onchain markets.

Stablecoin issuers can already hold JTRSY as part of their reserve composition while maintaining Treasury exposure inside crypto-native systems. But reserves inside crypto markets also need to function operationally. Capital may need to move quickly during periods of heavy redemptions, collateral rebalancing, or market volatility. With Basin, JTRSY holders can redeem into USDC instantly.

The same dynamic applies to treasury management more broadly. Protocols and allocators seeking short-duration yield often face a tradeoff between capital efficiency and liquidity access. With instant redemption, JTRSY reduces that tradeoff: capital can remain allocated to Treasury exposure until liquidity is needed, then move back into USDC without waiting on traditional redemption timelines. 

That is what makes JTRSY an improvement from traditional money market infrastructure. JTRSY now creates a liquidity profile that traditional structures were never designed to support.

“This positions JTRSY for a category of institutional use cases that have not previously been accessible to tokenized products. What we’ve built with Centrifuge and Grove is a product I can now put in front of our full institutional client base with confidence. The combination of our asset management expertise, $1 billion in AUM, and a $1 billion instant redemption facility means JTRSY competes with the best money market funds in the world, not just the best tokenized ones.”
Nick Cherney, Head of Innovation, Janus Henderson

Collateral That Settles at Market Speed

What reserve holders experience as latency, collateral venues price as risk.

Lending markets, derivatives venues, and structured credit systems all underwrite against liquidation timelines. Even when the underlying credit quality is extremely strong, collateral still needs to be converted into liquidity quickly and reliably during liquidation events.

With Basin, JTRSY posted as collateral can be converted into USDC immediately, giving venues a liquidity profile better than cash equivalents. This matters for the next phase of onchain markets.

Lending protocols such as Aave and Morpho can evaluate JTRSY against real-time liquidity access rather than inherited T+1 assumptions. Derivatives and perpetuals venues can consider Treasury collateral without the same settlement-window risk that has historically limited its use in fast-moving margin systems.

The Door to Onchain Repo

Repo became one of traditional finance’s largest short-term funding markets because Treasuries are high-quality collateral that lenders can liquidate quickly if a counterparty fails. That liquidation confidence is what allows short-term secured funding markets to scale.

Tokenized Treasuries brought the collateral onchain. But onchain repo has not yet emerged at meaningful scale because the collateral has not been liquid enough, operationally, to support the trade. Basin helps remove that constraint.

By giving JTRSY the ability to convert into USDC instantly, the product begins to support the liquidity profile that repo markets require: high-quality collateral, real-time transferability, and immediate access to cash-equivalent settlement.

A New Operating Model for Treasuries

The same capability matters beyond repo. Prime brokers, custodians, exchanges, lending venues, and derivatives platforms all need collateral that can be valued, transferred, and liquidated quickly. With instant redemption, JTRSY can support a new collateral model for trading activity: one where clients can hold short-duration Treasury exposure while using that position to collateralize margin, borrowing, settlement, or liquidity needs across onchain markets.

• For exchanges and trading venues, this creates a path to offer clients more capital-efficient collateral than idle stablecoins. 
• For custodians and prime brokers, it creates a way to extend Treasury-backed collateral services into crypto-native markets without relying on traditional redemption timelines. 
• For institutional clients, it means capital does not have to sit unproductive while waiting to be deployed. It can remain in Treasury exposure until the moment liquidity is needed.

JTRSY has already grown beyond $1 billion in AUM because it gives investors institutional-grade Treasury exposure in an onchain format. It’s no longer just a tokenized Treasury fund. It is yield-bearing, instantly redeemable, usable as reserves, viable as collateral, and built for markets where capital needs to move continuously.

That is the real unlock: Treasuries that no longer have to move on yesterday’s settlement rails.