Q4 2025 at Centrifuge: Whitelabel, Tokenized Equities, and the Fee Switch

2025 was a defining year for Centrifuge. Over twelve months, we migrated to EVM, built our bench of institutional hires and partners, scaled Anemoy operations, launched a DeFi connectivity layer, and consolidated the equity business to align fully around the CFG token. TVL increased from $50M to over $1B, and Centrifuge is once again viewed as a leader in RWA.

2025 was about laying the foundation. 2026 is about execution and scale.

Total Value Locked: $1.4B (+17% QoQ)
CFG Migration: 91% participation (final)

Watch the Q4 2025 Update on YouTube.

JAAA Tops Institutional AUM

The Janus Henderson Anemoy AAA CLO Strategy (JAAA) closed the year as the largest institutional tokenized fund by AUM, according to RWA.xyz. Grove, the institutional credit platform incubated in the Sky ecosystem, anchored it with a $1B commitment, with subsequent multichain expansion adding a $250M JAAA deployment on Avalanche. JAAA is usable ascollateral on Aave Horizon, positioning the fund as both a yield instrument and a working balance-sheet tool for institutional holders.

Tokenized Asset Coalition Awards

Centrifuge received two Tokenized Asset Coalition Best of 2025 Awards: Best Comeback and Largest Asset Allocation.

Centrifuge Whitelabel

We launched Centrifuge Whitelabel, a self-serve infrastructure stack designed to accelerate protocol adoption. Daylight was the first company to build a custom product on Centrifuge. To complement Whitelabel, we introduced RWA Bento with Onigiri Capital, offering $100K starter packages for early-stage teams building RWA products.

Tokenized Equities Goes Live

Centrifuge received an SEC-registered transfer agent license and announced its tokenized equities offering, with Caesar AI as the first customer. Caesar, an AI co-research platform, is the first crypto-native company to take steps toward issuing onchain equity through a regulated transfer agent. The architecture allows Caesar's shares to exist either as traditional book-entry equity or as tokenized shares with identical voting rights, economic exposure, information rights, and corporate-action participation.

V3.1 Finalized and Audited

Centrifuge V3.1 was finalized and audited, following multiple security reviews conducted throughout Q4. V3.1 expands network support from six to ten chains. The protocol's core contracts have now been through 20+ security reviews.

CFG Token

The CFG token migration completed at 91% participation. Post-migration tokenomics were finalized for release at the inaugural Quarterly Investor Update on January 29. The protocol fee switch is on, and Centrifuge passed its first $1M revenue milestone. Alea Research published its CFG investment thesis during the quarter.

Centrifuge in the Press

• BeInCrypto: Could Tokenized Funds Become the Default Wrapper for Global Investing, just as ETFs Displaced Mutual Funds?
• BeInCrypto: From Pilots to Products and a New Test for Fundamentals
• CryptoNews: ‘Trillions by 2030’: Stellar, Centrifuge and Moody’s Outline What’s Next for Real-World Assets
• OurNetwork: ON-375: Real World Assets
• CoinPasar: Onigiri Capital and Centrifuge Launch RWA Bento to Accelerate Early-Stage Founders
• CoinDesk: RWA Specialist Centrifuge Debuts Tokenization Service, Starting with Daylight
• Crowdfund Insider: Caesar Teams Up with Centrifuge for Onchain Equity Issuance by Crypto-Native Firm‍
• Investing.com: S&P Dow Jones and Centrifuge say tokenized indices entering ‘institutional scale’

Centrifuge Perspectives

• Released the Centrifuge V3 Video Series, documenting the architecture, design decisions, and production learnings behind V3
• Eli Cohen, CLO, in The Defiant: GENIUS Act Targets Stablecoin Yield, But Workarounds Could Keep Returns Alive
• Martin Quensel, President, in Crowdfund Insider: Centrifuge’s Martin Quensel’s Bullish on Tokenization
• Eli Cohen, CLO, in CryptoNews: When Washington Shuts Down, Crypto Keeps Building: ETF Approvals Set to Resume
• Graham Nelson, DeFi Product Lead, on The AllinCrypto Podcast: Centrifuge
• Eli Cohen, CLO, in Cointelegraph: Crypto executives share 6 stablecoin predictions for 2026‍
• Jürgen Blumberg, COO, in The Defiant: The Biggest Names in Crypto Predict New Bitcoin Highs and a Tokenization Boom in 2026

Partner Insights

• S&P Dow Jones Indices: The S&P 500® Onchain: Building Institutional Infrastructure for Tokenized Index Investing
• Particula: Particula Rating Report: Anemoy ($JAAA), November 2025
• Birdeye: The Everything-On-Chain Era: A RWA Spectrum Report‍
• Falcon: Falcon Finance Adds Centrifuge’s JAAA as Collateral, Unlocking Onchain Liquidity for Institutional-Grade Credit