Centrifuge, a blockchain infrastructure platform, has surpassed $1 billion in total value locked (TVL), placing it alongside BlackRock’s BUIDL fund and Ondo Finance as one of the few real-world asset (RWA) platforms to reach this milestone.
CEO Bhaji Illuminati credited the achievement to institutions moving beyond pilot programs into “real deployments,” combined with growing demand from onchain allocators.
He noted that while U.S. Treasurys remain the primary entry point for institutional investors in tokenized markets, products like JAAA, an onchain version of Janus Henderson’s AAA-rated collateralized loan obligation (CLO) fund, are gaining traction as higher-yield alternatives.
Illuminati described JAAA as the fastest-growing tokenized fund in its category and added that interest in private credit is also rising, with further developments expected soon.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Centrifuge Brings the S&P 500 Onchain
In early July, Centrifuge introduced a tokenized S&P 500 product in collaboration with S&P Dow Jones Indices (S&P DJI). The product is structured as a regulated professional fund in the British Virgin Islands.
Illuminati emphasized that the S&P 500 product is just the first step, with plans to bring sector-focused and thematic indexes onchain soon.
“We see strong potential for sector and thematic index products to come onchain next.”
CEO Bhaji Illuminati
Centrifuge’s pipeline currently spans both traditional asset managers, working with its Web3-native partner Anemoy, and onchain-native managers using its RWA Launchpad. On the demand side, stablecoins and yield-focused products are the largest buyers, tapping RWAs to establish a “yield floor” for reserves.
Centrifuge Pushes Retail Access Through deRWA Initiative
Illuminati outlined plans to make tokenized assets accessible to retail investors through major exchanges, wallets, lending platforms, and DeFi integrations under the deRWA initiative. In DeFi, deRWA refers to tokenized real-world assets designed for composability and liquidity within decentralized finance.
Meanwhile, S&P Dow Jones Indices (S&P DJI) is reportedly in talks with leading exchanges, custodians, and DeFi protocols to license and list tokenized versions of its benchmarks, according to Stephanie Rowton, the firm’s director of U.S. equities.
Looking ahead, Illuminati expects public market RWAs, such as Treasurys and equities, to drive early adoption thanks to their liquidity and familiarity. Over time, however, he believes private markets will take the lead, as blockchain technology streamlines inefficiencies and uncovers new value.
