Centrifuge Surpasses $1 Billion in TVL as Broader RWA Heats Up

Centrifuge, a real-world asset (RWA) tokenization platform, surpassed $1 billion in total value locked (TVL) today, Aug. 14, per data from DefiLlama. The milestone TVL growth is fueled by growing institutional demand for on-chain tokenized assets and its JAAA fund.

The figure represents a nearly 94% surge in two weeks and places Centrifuge alongside only two other RWA platforms: BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which holds nearly $2.4 billion on-chain, and Ondo Finance, with $1.3 billion in total tokenized value, according to RWAxyz.

Centrifuge CEO Bhaji Illuminati told The Defiant that the jump comes from a number of factors such as institutions scaling up tokenization projects, as well as stablecoin issuers looking for reserve management and yield.

A major driver is JAAA, a fully on-chain version of Janus Henderson’s AAA-rated CLO investment fund. Designed specifically for blockchain, JAAA launched with a $1 billion investment from Grove. Meanwhile, Janus Henderson’s first tokenized fund with Centrifuge, JTRSY, scaled to over $500 million in assets under management (AUM) within weeks, The Defiant reported in June.

And then on July 24, Centrifuge announced the completion of its migration to the Ethereum ecosystem with the launch of Centrifuge V3. This latest version of Centrifuge shifted the protocol from being a parachain on Ethereum Layer 2 Polkadot to a multichain, Ethereum Virtual Machine (EVM)-native protocol.

“Our launch of JAAA, a AAA-rated CLO fund yielding roughly 200 bps above the risk-free rate, has resonated as the natural next step for crypto institutions seeking an enhanced cash product,” Illuminati told The Defiant, adding that Centrifuge enjoys first-mover status in the RWA scene:

“Having been in the space since the very beginning of RWAs, Centrifuge has developed deep trust with major DeFi protocols and institutional players, and the migration to EVM alongside a growth-focused leadership team has built the foundation for this milestone.”

Illuminati explained that diversified institutional credit strategies such as JAAA are what’s driving the company’s fastest growth. “This shows clear market demand for broader RWA exposure,” she said.

Tokenized RWA Boom

Centrifuge’s milestone comes amid broader tokenized RWA growth, with total on-chain value of tokenized assets rising 63% since January to reach $25.6 billion today.

Meanwhile, among RWA protocols, Centrifuge is currently the fifth largest by TVL, up from eighth place just two months ago, per DefiLlama data.

“Every major asset manager, bank, and fintech now has tokenization on their strategic agenda, and we’re seeing especially strong interest from the U.S. with favorable regulatory momentum,” Illuminati said, continuing:

“The perception has shifted from tokenization being an experiment to an essential part of future market structure. Institutions increasingly recognize that getting involved early is key to maintaining a competitive edge in the coming wave of onchain capital markets.”