Centrifuge

Institutional money is moving onchain, with supporting infrastructure being developed simultaneously. At Yield Summit, discussions focused on the next phase beyond asset arrival: - **Liquidity provision** for institutional-grade assets - Development of **secondary markets** for trading - Integration with **DeFi protocols** for actual utility The shift represents a maturation from simply bringing institutional capital onchain to creating functional markets and use cases. Infrastructure providers are working to solve the technical and legal challenges of connecting traditional finance with decentralized systems. [Learn more about institutional DeFi infrastructure](https://yield.app)

Onchain funds require foundational infrastructure to function: subscriptions, redemptions, allocation, and accounting. According to Centrifuge Labs CTO @offerijns, **vaults are emerging as the critical infrastructure layer** that enables these operations. **Key shift**: When financial products run natively onchain, the entire operational framework changes. Rather than retrofitting traditional finance onto blockchain, funds can leverage: - Multichain deployment capabilities - Native onchain accounting - Direct DeFi connectivity - Asset-level compliance This infrastructure-first approach is proving essential as funds scale. The focus isn't just tokenization—it's building the **operating layer** that makes onchain finance practical and scalable.

Centrifuge marked several significant developments in Q2 2026: **Key Partnerships & Products** - New York Life Investment Management launched its first tokenized fund onchain: $HYB - Ethena diversified USDe backing by adding $JAAA to its collateral - Grove Finance's Basin enabled instant redemptions for JTRSY - **Coinbase designated Centrifuge as a preferred tokenization infrastructure** These developments build on Centrifuge's momentum from previous quarters, where the platform surpassed $1B in TVL and expanded across multiple chains including Ethereum, Base, Arbitrum, and Solana. The Q2 recap demonstrates continued institutional adoption of real-world asset tokenization, with traditional finance players like New York Life bringing products onchain through Centrifuge's infrastructure.

**OKX and Centrifuge are collaborating** to expand access to tokenized real-world assets through X Layer integration. **What's launching:** - deJTRSY (US Treasuries exposure) - deJAAA (AAA CLO strategy) - Both assets now available on X Layer through OKX **Why it matters:** The partnership demonstrates how major exchanges and tokenization infrastructure can work together to scale onchain assets. These tokenized products are freely transferable and composable with DeFi protocols. **Background on deJAAA:** - Provides exposure to AAA CLOs (Collateralized Loan Obligations) - Managed by Janus Henderson, operator of the largest CLO ETF ($27.8B) - Already integrated as collateral on Euler Finance and Morpho - Recently adopted by Ethena for USDe backing The integration expands distribution channels for institutional-grade tokenized assets, making them accessible to a broader market while maintaining composability with existing DeFi infrastructure.

**Tokenized traditional assets expand DeFi access** deJTRSY and deJAAA are now tradeable on SushiSwap through the Stellar network. These tokens represent: - US Treasury exposure (deJTRSY) - AAA-rated Collateralized Loan Obligation exposure (deJAAA) Users can trade these assets, provide liquidity, and integrate them across Stellar's DeFi ecosystem through SushiSwap, an established decentralized exchange. The integration demonstrates how tokenized traditional financial instruments require liquid markets beyond initial issuance to function effectively in decentralized finance.

Janus Henderson has brought its AAA CLO investment strategy onchain through **$JAAA**, a tokenized product issued via Centrifuge's multichain infrastructure. **Key Performance Data:** - The traditional AAA CLO ETF from Janus Henderson manages ~$27.8B - Over the past 5 years, AAA CLOs outperformed T-bill ETFs and floating-rate notes in total returns - The strategy delivers yield without adding duration risk **What Are AAA CLOs?** AAA-rated Collateralized Loan Obligations offer strong yields with minimal rate exposure - a rare combination in fixed income markets. $JAAA replicates this proven strategy in tokenized form, making institutional-grade CLO exposure accessible onchain.

Tokenized assets are expanding beyond U.S. Treasuries and commodities into new territory. Credit products, equities, and alternative investments are now being brought onchain by traditional finance managers. **Key developments:** - Institutional strategies moving from pilot phase to broader deployment - TradFi managers accelerating tokenization of diverse asset classes - Shift builds on earlier trend of institutions using blockchain for yield and settlement efficiency This represents a maturation of onchain finance infrastructure as crypto rails become standard plumbing for traditional assets.

Pharos Network has published **"The RealFi Inflection"** report, examining the strategic direction for real-world asset (RWA) integration in decentralized finance over the next decade. The report builds on Pharos's earlier $10M RealFi incubator launch, which supports DeFi projects working on tokenizing real-world assets. **Key focus areas likely include:** - Long-term strategic planning for RWA adoption - Market analysis of current RealFi landscape - Projections for institutional integration [Read the full report](https://www.pharos.xyz/blog/the-realfi-inflection-assessing-the-strategic-trajectory-for-the-next-decade)

Chronicle has deployed standardized data feeds for $deJAAA and $deSPXA on Base network. **Key Details:** - Protocols can now access unified price data for these assets - Eliminates need for custom integration setups - Available for lending markets, DEX pools, and vaults The standardized feeds provide a single, public data source that any protocol can integrate against, streamlining development and reducing infrastructure complexity for DeFi applications on Base.

**Centrifuge partners with Grove Finance to solve a critical infrastructure gap in tokenized assets: redemption speed.** The collaboration introduces instant exit capabilities for tokenized funds, starting with $JTRSY (Janus Henderson Anemoy Treasury Fund). Previously, onchain yield-bearing assets remained underutilized due to traditional finance redemption timelines. **Key developments:** - Grove Basin provides up to $1B in committed near-instant daily liquidity - $JTRSY now operates with 24/7 liquidity across stablecoin reserves and lending markets - Eligible holders can access instant redemption instead of waiting on TradFi timelines This infrastructure upgrade positions tokenized Treasuries as viable institutional-grade cash management instruments with liquidity profiles matching traditional alternatives. The partnership addresses what many consider the most underrated piece of tokenized fund infrastructure. Learn more about [Grove Finance Basin](https://grovedotfinance)