Centrifuge

New research from Arrakis Finance analyzed 71,697 buyers across ten tokenized dollar-yield products, revealing key patterns in institutional behavior. **Key Findings:** - $JAAA attracts the largest median institutional allocation among all products studied - Products closer to offchain credit receive larger buyer allocations - The data suggests institutional investors prefer assets with stronger ties to traditional credit markets The research builds on earlier developments showing $JAAA's evolution beyond a passive yield product, with up to $100M deployed as leveraged collateral onchain.

New York Life Investment Management has launched **$HYB**, its first tokenized offering bringing US high yield corporate bonds onchain. **Key Details:** - Subscriptions and redemptions settled in **USDC** - Issued on Centrifuge platform - Actively managed strategy focusing on higher-quality high yield bonds - Portfolio composition adjusts based on market conditions - Can rotate fully into investment-grade bonds or money market instruments when cycle turns This expands the onchain credit market beyond Treasuries and AAA CLOs, adding the fixed coupon component needed for complete fixed income allocations.

**Tokenized assets gained over 200,000 holders in a single week** — a 20% jump — following Robinhood's launch of tokenized stocks. This marks a shift from institutional to retail adoption. Just weeks ago, tokenized assets crossed one million total holders as they became integrated into DeFi protocols as collateral, liquidity pairs, and stablecoin backing. **Key developments:** - Robinhood Chain added 240K stock token holders in 30 days - Trading pairs like $deJAAA/USDC now live on Hydrex - Tokenized credit and S&P 500 exposure functioning as DEX liquidity The rapid holder growth suggests tokenized traditional assets are moving beyond experimental phase into mainstream consumer adoption through established platforms.

**Major institutional adoption milestone** Janus Henderson, a global asset manager with over $300B in assets under management, has moved onchain. Nick Cherney, Head of Innovation at Janus Henderson Investors, explains their decision centers on two factors: - **The opportunity**: Significant potential in onchain markets - **Infrastructure confidence**: Robust underlying technology enabling institutional participation The firm selected Centrifuge as their platform partner, citing product quality, DeFi expertise, and team strength as key factors in their decision.

A significant shift is underway in crypto markets as tokenized real-world assets now account for the majority of trading volume on a major platform. **Key Development:** - Real-world assets (RWAs) have crossed a critical threshold, representing over 50% of trading activity on a leading venue - This marks a fundamental rotation in onchain demand away from purely digital assets toward tokenized traditional assets **Market Context:** - Tokenized RWAs have grown nearly 300% year-over-year, demonstrating resilience even during broader market downturns - The trend suggests institutional and retail participants are increasingly viewing blockchain as infrastructure for traditional finance This milestone indicates that crypto infrastructure is maturing beyond speculative tokens into a platform for bringing conventional assets onchain.

A new Ethereum standard proposal, **ERC-8161**, aims to make vault deposit and withdrawal requests transferable as tokens. This builds on the existing **ERC-7540** async vault standard, which already allows users to submit requests for investment and redemption in tokenized vaults. The key innovation is enabling these pending requests to be traded or transferred before they're fulfilled. **Key implications:** - Users could sell their position in the queue rather than waiting - Adds liquidity to previously illiquid waiting periods - Particularly relevant for real-world asset (RWA) vaults with longer processing times The proposal extends the ERC-4626 vault ecosystem, which has become a standard for tokenized yield-bearing positions in DeFi. [Read the full proposal](https://eips.ethereum.org/EIPS/eip-8161)

**EIP-8161 is now an official Ethereum standard**, addressing a critical limitation in tokenized real-world assets. **The Problem:** - Assets like tokenized funds and private credit don't settle instantly - Pending deposit/redemption requests were previously locked until fulfillment - For private credit with weeks-long redemption cycles, this meant frozen positions **The Solution:** - Pending requests can now transfer to another address - Markets can form around queued redemption requests - Holders can exit before settlement completes Co-authored by Centrifuge Labs CTO, the standard builds on ERC-7540 (async vaults), which has processed $1.6B+ in RWA pools and is now integrated into OpenZeppelin Community Contracts. This enables long-dated assets like private credit to function more fluidly in DeFi while maintaining their real-world settlement requirements.

Morpho has launched Midnight, introducing fixed-rate, fixed-term credit to decentralized finance. This marks a shift from DeFi's traditional variable-rate model. **Key developments:** - First implementation of fixed-rate, fixed-term lending infrastructure onchain - Addresses a long-standing limitation in DeFi's lending markets - Aims to attract institutional capital with familiar credit structures Morpho CEO Paul Frambot explained the technical barriers that previously prevented this functionality and why the timing is now right for fixed-rate products in DeFi.

**Ground** now enables banks and fintechs to integrate institutional yield products directly into their existing platforms, expanding access beyond crypto-native users. The integration includes: - **$JTRSY** (tokenized U.S. Treasuries) - **$JAAA** (tokenized real-world assets) This marks a shift from purely crypto-native yield sources to traditional financial instruments, making tokenized assets accessible through familiar banking interfaces that institutions already use.

Centrifuge Labs has introduced its Onchain Portfolio Manager, eliminating the need for separate vaults to manage crypto-native and real-world assets. **Key Features:** - Single portfolio can now hold both asset classes - Multi-step operations (swaps, bridging, deposits, leveraged looping) execute as single transactions - Unified NAV accounting across all positions, including assets in transit between chains **Technical Infrastructure:** - Built on v3.2 release, completing the institutional asset lifecycle stack - Supports issuance, pricing, distribution, and operations across 10 chains - Audited rails currently securing over $1.9B in onchain capital The update addresses a longstanding limitation in onchain portfolio management, where balanced portfolios required maintaining separate infrastructure for different asset types.