Q1 2026 at Centrifuge: JTRSY Crosses $1B, deSPXA Goes Live

Q1 was a quarter of momentum for Centrifuge. We brought deSPXA live on Base, crossed $1B in TVL on JTRSY, and deployed V3.1 across ten chains, expanding the infrastructure for builders and asset managers to bring new asset classes onchain. CFG gained spot listings on Binance, Upbit, and Bithumb. TVL grew from $1.4B to $1.7B, with a $2B peak during the quarter. 2026 is about execution and scaling distribution.

Total Value Locked: $1.7B (+21% QoQ)
Token Holders: 9,478

Watch the Q1 2026 Update on YouTube.

JTRSY crosses $1B

JTRSY surpassed $1B in TVL during the quarter, and total Centrifuge TVL hit $2B for the first time. S&P Global Ratings upgraded JTRSY to 'AAAf', the highest fund credit quality rating, with the 'S1+' fund volatility rating affirmed.

deSPXA live on Base

deSPXA launched on Base, providing DeFi exposure to the S&P 500. The token is the freely transferable wrapper of the Janus Henderson Anemoy S&P 500 Index Fund (SPXA), built under license from S&P Dow Jones Indices and managed by Janus Henderson.

deSPXA is live on Aerodrome, with Morpho, Euler, and additional DeFi venues rolling out. Cumulative trading volume reached $14M during the quarter (Dune).

V3.1 deployed, V3.2 on its way

Centrifuge V3.1 was deployed across ten chains, bringing asset management, accounting, controls, and distribution fully onchain. Centrifuge V3.2 is currently in audit. The headline feature is the Onchain Portfolio Manager, a smart-contract-based system that lets an asset manager run a single vault holding tokenized treasuries, credit, equities, and onchain lending positions, rebalancing across all of them with unified accounting and onchain execution.

Obex inaugural cohort

Centrifuge was selected for Obex's inaugural cohort, a $1B initial deployment backed by Sky's $2.5B mandate. Centrifuge is validated as the infrastructure to onboard the next wave of partners and asset classes. As a Sky Agent, Centrifuge will deploy USDS into tokenized credit strategies, connecting Sky Protocol's liquidity directly to onchain real-world assets.

Tokenization Outlook 2026

We released the Tokenization Outlook 2026 report: our new cross-industry survey on what operators actually think about the state of tokenized assets. We surveyed 150 operators, allocators, and builders on the trends and challenges shaping the ecosystem. An honest read on where the industry actually stands and where it's heading.

Chronicle as primary oracle

Chronicle was selected as Centrifuge's primary oracle partner for tokenized assets. Chronicle's Proof of Asset independently verifies the reserve composition and holdings-level data of tokenized assets, delivering the transparency and integrity institutions require for risk management and compliance.

ACRDX on Morpho

ACRDX, the Anemoy Tokenized Apollo Diversified Credit Fund, was enabled as collateral on Morpho to borrow USDC. The integration extends ACRDX from a yield position into a working credit instrument, allowing holders to access onchain liquidity against their ACRDX exposure without exiting the fund.

Stellar expansion

Centrifuge expanded all assets to Stellar, with a $20M seed investment. The expansion deepens distribution into emerging markets and consumer-facing apps already operating on Stellar's rails.

CFG listings

CFG secured spot listings on Binance, Upbit, and Bithumb. Futures listed on Binance, Bybit, Gate, and Kraken.

Centrifuge in the Press

• The Defiant: Centrifuge's CFG Token Surges 60% on Binance Listing
• The Defiant: LayerZero, Centrifuge Team Up to Expand Multichain Access for Tokenized Funds
• Blockonomi: Centrifuge Launches deSPXA on Base, Bringing 24/7 S&P 500 DeFi Access to Non-US Investors
• The Block: Gnosis and Zisk announce 'Ethereum Economic Zone' rollup framework with Ethereum Foundation co-funding
• The Defiant: Resolv and Centrifuge Launch $100 Million Tokenized Credit Strategy on Aave‍
• Crypto Reporter: Centrifuge Selects Chronicle as Primary Oracle Partner for Tokenized Assets

Centrifuge Perspectives

• How the S&P 500® Moved Onchain with Centrifuge × S&P Dow Jones Indices. A case study on Proof-of-Index: the onchain mechanism that verifies index data so tokens and smart contracts can reference it transparently and verifiably.
• CLOs 101: Six short explainers with Nick Cherney, Head of Innovation at Janus Henderson, on collateralized loan obligations and why institutions are bringing them onchain.
• Vaults: legal, technical and structural considerations, panel at Real-World Asset Summit.
• Breaking down onchain capital allocations, panel at Real-World Asset Summit.
• Compliant Vaults: Designing for Institutional Participation, panel at Vault Summit.
• Building Secondary Markets for Onchain Real-World Assets, panel at Stable Summit.
• RWAs Done Right: Utility, Liquidity, and DeFi, panel at EthCC.
• RWAs: From Experiment to Exponential, panel at EthDenver.
• Bhaji Illuminati, CEO, in Blockstories: The Year Ahead in Digital Assets Report
• Jeroen Offerijns, CTO, in Markets Media: S&P 500 Index Goes OnChain‍
• Eli Cohen, CLO, in The Defiant: Crypto Market Structure Bill Heads to Key Senate Votes This Week

Partner Insights

• Morpho: How Centrifuge uses Morpho to make tokenized stock exposure productive onchain
• S&P Global Ratings: Janus Henderson Anemoy Treasury Fund SP Upgraded To 'AAAf'; 'S1+' Fund Volatility Rating Affirmed
• Cantina: Securing Real-World Assets in 2026: A Cantina x Centrifuge Guide‍
• Particle Network: The State of Crypto Innovation