Centrifuge Q3 2025 Recap

Q3 was a monumental quarter for Centrifuge. We moved beyond headlines to real KPIs, cementing our position as one of the largest RWA platforms. We brought new funds to market with Apollo and S&P, surpassed the $1B TVL mark, and welcomed a new member to the leadership team. Read on to learn more about what we got up to last quarter.‍

Total Value Locked: $1.2B (+127% QoQ)

New Funds, Onchain

• SPXA: Janus Henderson Anemoy S&P 500® Fund (SPXA) was launched as the first S&P 500® index fund token licensed by S&P, with a $5M anchor investment from FalconX. SPXA is available exclusively on Base, with Anemoy serving as the investment manager and Janus Henderson as sub-investment manager. ‍
• ACRDX: Apollo’s ADCF Strategy was launched with Centrifuge and in partnership with Plume. The Anemoy Tokenized Apollo Diversified Credit Fund Segregated Portfolio (ACRDX) is secured by Chronicle, multichain with Wormhole, and launched with a $50M anchor investment from Grove, the institutional-grade credit infrastructure protocol in the Sky Ecosystem.

Horizon Launch Partner

In August, Aave, one of the world’s most trusted DeFi protocols, launched Horizon, its new institutional platform for borrowing stablecoins against tokenized assets. JAAA and JTRSY, powered by Centrifuge, were selected as two of the five launch partners, scaling to $100M in the first week.

Multichain & deRWA Expansion‍

Multichain growth continued at Centrifuge last quarter, with a $250M JAAA deployment by Grove on Avalanche, expanding access to institutional-grade tokenized credit across ecosystems. Our deRWA token suite also broadened its reach, now available on Stellar, Solana, and Base, increasing access to RWAs across DeFi. 

V3 = Complete‍

The Centrifuge V3 EVM migration was completed and Centrifuge is live on Ethereum, Plume, Base, Arbitrum, Avalanche, BNB Chain, Solana and Stellar. This milestone finalizes our migration from Polkadot and is an important step laying the groundwork for a truly chain, asset, and use-case agnostic layer for onchain asset management. To learn more, watch the first episode of Centrifuge V3 Series, a new video dive into the next evolution of RWAs and DeFi!

A New Addition‍

Jürgen Blumberg, former Chief Operating Officer EMEA for the ETF Accelerator business at Goldman Sachs, joined Centrifuge as COO. Having helped build the ETF ecosystem from within some of the world’s largest financial institutions, Jürgen is now doing it again, but this time, onchain. Learn more about his perspective on how tokenization is doing to ETFs what ETFs did to mutual funds in his latest byline.

Centrifuge in the Press

• CoinDesk: Centrifuge Launches Tokenized S&P 500 Index Fund on Coinbase's Base Network powered by Wormhole
• CoinDesk: Blockchain-Based RWA Specialists Bring $50M to Apollo's Tokenized Credit Strategy
• CoinDesk: Sky's Grove Expands to Avalanche With $250M RWA Plan, Partnering With Centrifuge
• CoinDesk: Tokenization Specialist Centrifuge Appoints Former Goldman Sachs Executive as COO
• The Defiant: Centrifuge Surpasses $1 Billion in TVL as Broader RWA Heats Up
• Coinpaser: Centrifuge Brings deRWA to Aerodrome
• Crowdfund Insider: Republic Invests in Centrifuge, Boosts Tokenization Commitment
• DL News: Aave attracts tokenisation titans in revival of institutional product
• Crypto.news: Centrifuge Debuts deRWA on Stellar with $20M Anchor Investment 
• The Defiant: Centrifuge Migrates to Ethereum with Cross-Chain EVM-Native Protocol‍
• CoinPasar: Onigiri Capital and Centrifuge Launch RWA Bento to Accelerate Early-Stage Founders

Centrifuge Perspectives 

• Jürgen Blumberg (COO) in Cryptonews: DeFi Is Having Its ETF Moment
• Bhaji Illuminati (CEO) on Tokenized podcast: Every Bank Should Tokenize Deposits 
• Eli Cohen (Chief Legal Officer) on Nasdaq: Tokenization Ownership, Regulation, and Infrastructure
• Eli Cohen (Chief Legal Officer) in BeInCrypto: The GENIUS Act Might Block Stablecoin Yield – Will DeFi Suffer or Surge?
• Eli Cohen (Chief Legal Officer) in Forbes: Crypto Blossoms In Washington
• Jürgen Blumberg (COO) in Blockstories: This Feels Like the Early ETF Days
• Eli Cohen (Chief Legal Officer) in The Defiant: Nasdaq’s Tokenized Equities Filing Highlights Settlement and Infrastructure Challenges‍
• Graham Nelson (Product) in The Defiant: Stellar’s Flagship Meridian Conference Focused on RWAs and Emerging Markets

Partner Insights

• Janus Henderson: Blockchain and tokenization: Transforming asset management on behalf of clients
• Nick Cherney (Janus Henderson) in Coindesk: Tokenization Is Finance’s Next ETF Moment, And Wall Street Isn’t Ready
• Grove: Unlocking Onchain Credit: Grove’s $1B Deployment into Tokenized CLOs‍
• Dune & RWA.xyz: RWA Report 2025