Putting an illiquid asset onchain doesn't make it liquid if nobody's there to buy and sell it. Right now those buyers and sellers are in DeFi, and he expects that to hold for quite a while - the same role that Pendle's RWA markets are playing. Catch @tn_pendle with Nick Cherney, Head of Innovation at @JHIAdvisors, on why a $500B manager moved on chain and what comes next 👇 Quoted @pendle_fi: Janus Henderson runs over $30B in its AAA CLO strategy, with its core US fund among the largest actively managed fixed income ETFs. That strategy is now on Pendle as @Centrifuge deJAAA (26 Nov 2026 maturity). To mark it, @tn_pendle sat down with Nick Cherney, Head of Innovation at @JHIAdvisors, on why a $500B manager moved on chain and what comes next.