Centrifuge, a blockchain platform, has recently reached a significant milestone, surpassing AU$1.53 billion (US$1 billion) in total value locked (TVL). This achievement positions Centrifuge alongside industry giants like BlackRock’s BUIDL and Ondo Finance, marking it as one of the leading platforms in the realm of real-world asset (RWA) tokenisation. Data from DefiLlama indicates that this substantial growth—an impressive 94% in just two weeks—reflects a growing institutional interest in on-chain tokenised assets.
According to CEO Bhaji Illuminati, this surge in growth is primarily driven by institutions moving from experimental pilot projects to fully-fledged deployments. There is also significant demand from on-chain allocators who are looking to secure higher yields on their investments.
A pivotal component in Centrifuge’s recent success is the JAAA fund, which is a fully on-chain version of Janus Henderson’s AAA-rated collateralised loan obligation (CLO). This fund launched with an impressive AU$1.53 billion (US$1 billion) backing from Grove. Illuminati noted that the JAAA fund provides yields approximately 200 basis points higher than the risk-free rate, making it an attractive option for crypto institutions.
In prior initiatives, Centrifuge collaborated with Janus Henderson for the JTRSY tokenised fund, which quickly amassed over AU$767 million (US$500 million) in assets under management within a few weeks. Additionally, the platform’s recent transition to Ethereum through Centrifuge V3 has aided in its growth by moving from a Polkadot parachain to a more versatile, multichain, EVM-native infrastructure.
### Expansion of the Tokenised RWA Market
Centrifuge’s ascending TVL now positions it as the fifth-largest RWA platform, climbing from eighth just two months ago. This rise coincides with a broader escalation in the tokenised RWA market, which has experienced a 63% increase since January, reaching AU$39.2 billion (US$25.6 billion) on-chain.
Illuminati remarked on the widespread shift towards tokenisation, stating, “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 favourable regulatory momentum.”
Looking ahead, Centrifuge aims to broaden access for retail investors through its deRWA initiative, which seeks to integrate tokenised RWAs with exchanges, wallets, lending protocols, and DeFi applications. The expectation is that public market RWAs such as Treasuries and equities will lead initial adoption, while private credit markets may take precedence over time as blockchain technology continues to minimise inefficiencies and unlock latent value.
### Conclusion
Centrifuge’s rapid TVL growth highlights the increasing institutional interest in the on-chain tokenisation of real-world assets. As the market expands, Centrifuge’s strategic initiatives, such as the launch of the JAAA fund and plans for broader retail integration, signal a promising future for the platform and the broader crypto landscape. The continuing momentum in tokenised RWAs has the potential to redefine investment strategies, making private markets more accessible than ever.
