- Centrifuge becomes one of the leading real-world asset (RWA) platforms alongside BlackRock’s BUIDL and Ondo Finance, surpassing US$1B in TVL.
- Institutional adoption drives growth, with players moving from pilot projects to full deployments and strong demand from on-chain allocators.
- The JAAA fund, a fully on-chain AAA-rated CLO, launched with US$1B from Grove, serving as a key catalyst for adoption.
Blockchain platform Centrifuge has surpassed US$1 billion (AU$1.53 billion) in total value locked (TVL). The company joins BlackRock’s BUIDL and Ondo Finance as one of the leading real-world asset (RWA) tokenisation projects. Data from DefiLlama shows that this milestone represents nearly a 94% increase in just two weeks, reflecting significant institutional interest in on-chain tokenised assets.
CEO Bhaji Illuminati explained that the growth is driven by institutions transitioning from pilot projects to full-scale deployments, as well as strong demand from on-chain allocators seeking higher yields.
A key factor is Centrifuge’s JAAA fund, a fully on-chain version of Janus Henderson’s AAA-rated collateralised loan obligation (CLO) investment product, which launched with a US$1 billion (AU$1.53 billion) investment from Grove. According to Illuminati, JAAA yields roughly 200 basis points above the risk-free rate, making it particularly attractive to crypto institutions.
Earlier initiatives such as Janus Henderson’s first tokenised fund with Centrifuge, JTRSY, reached over US$500 million (AU$767 million) in assets under management within weeks. The platform’s recent migration to Ethereum via Centrifuge V3 also played a role in supporting this growth, moving the protocol from a Polkadot parachain to a multichain, EVM-native framework.
Related: BlackRock’s ‘BUIDL’ Tokenised Fund Skyrockets, Tripling in Three Weeks
Tokenised RWA Market Expands
Centrifuge’s TVL places it among the fifth-largest RWA platforms by value, up from eighth place two months ago. The rise coincides with a broader expansion of tokenised RWAs, which have grown 63% since January to US$25.6 billion (AU$39.2 billion) on-chain.
Every major asset manager, bank, and fintech now has tokenisation on their strategic agenda, and we’re seeing especially strong interest from the US with favorable regulatory momentum.
Looking forward, Centrifuge plans to expand access to retail investors through its deRWA initiative, enabling tokenised RWAs to integrate with exchanges, wallets, lending protocols, and DeFi applications.
Public market RWAs such as Treasurys and equities are expected to lead adoption initially, while private credit markets may dominate over time as blockchain reduces inefficiencies and unlocks hidden value.
Related: Tokenised RWAs: The Next-Gen ETFs Opening Private Markets to All
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