RWA · Private Credit · CFG
Centrifuge tokenizes illiquid real-world business assets (invoices, mortgages, trade finance) through bankruptcy-remote SPV structures. DROP/TIN senior-junior tranche tokens link legal collateral to on-chain investors; JAAA and JTRSY add tokenized CLO and Treasury exposure.
Tokenizing illiquid real-world business assets.
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Centrifuge is a real-world-asset financing protocol that tokenizes illiquid business assets such as invoices, mortgages and trade-finance receivables through bankruptcy-remote SPV structures. Each pool issues senior DROP and junior TIN tranche tokens, recreating a structured-credit waterfall in which TIN absorbs first losses for higher yield. Centrifuge pools were among the first RWA collateral backing MakerDAO's DAI, and its newer products (JAAA, JTRSY) extend into tokenized CLOs and Treasuries with institutional partners like Janus Henderson. It appears in the Credit sector through its private-credit financing role while remaining primarily an RWA platform.
Per-pool bankruptcy-remote SPVs with DROP (senior) / TIN (junior) tranches connect legal collateral to on-chain lenders.
EVM-based protocol for onchain asset management, launched 2025 after migrating off the legacy Polkadot-based Centrifuge Chain. Provides chain abstraction and a unified interface for issuing and administering tokenized funds across 10+ Ethereum-compatible networks including Ethereum, Base and Arbitrum.
Centrifuge's original (2018/2020-era) open marketplace and investment dApp for financing tokenized real-world assets. Introduced the two-tranche DROP (senior) / TIN (junior) securitization model that gives investors differentiated risk-reward exposure to asset pools.
Asset originators (Issuers) create pools of tokenized RWAs; investors fund senior (DROP) and junior (TIN) tranches. TIN absorbs first losses and earns higher yield, DROP has payout priority, mirroring traditional structured-credit waterfalls.
Real-world assets such as invoices, mortgages, trade-finance receivables and treasury holdings are represented onchain (originally minted as NFTs) and used as collateral to originate financing pools.
Native ERC-20 utility and governance token. On 20 March 2025, governance proposal CP149 consolidated legacy token versions into a single Ethereum-native CFG used for voting on protocol development, treasury and risk frameworks.
Per-pool SPV legal structures (Delaware, BVI, Cayman); KYC via Securitize ID.
CentrifugeAfter migrating off its Polkadot-based chain in March 2025, Centrifuge V3 operates across 10+ Ethereum-compatible networks including Ethereum, Base and Arbitrum, with a unified fund-administration interface.
Centrifuge: Onchain Asset ManagementCentrifuge's platform powers onchain strategies for Apollo, Janus Henderson and S&P Dow Jones Indices, with tokens live across DeFi protocols including Sky, Aave and Morpho.
Janus Henderson press releaseOn 20 March 2025 governance proposal CP149 passed, consolidating legacy token versions into a single Ethereum-native ERC-20 CFG governance token.
The CFG Token: Centrifuge DocsHow Centrifuge maps onto established TradFi structures, and where it diverges.
Securitization / structured credit (ABS)
Centrifuge
Centrifuge pools bundle income-producing assets (invoices, mortgages, receivables) and issue tranched claims (DROP senior / TIN junior) with a payment waterfall, the same senior/subordinated structure used in asset-backed securities.
TradFi analogue
Issuance, subscriptions, redemptions and the cap table are handled onchain via smart contracts and stablecoins rather than through banks, custodians and clearing houses, enabling smaller ticket sizes, near-real-time settlement and transparent onchain accounting.
Money-market / tokenized Treasury funds
Centrifuge
Products like the Anemoy Liquid Treasury Fund give investors T-bill exposure much like a traditional government money-market fund.
TradFi analogue
The fund is issued as a transferable onchain token that settles 24/7, can be used as DeFi collateral, and is administered across multiple public blockchains instead of via a traditional transfer agent.
Centrifuge Network Foundation (CNF)
Foundation / governance oversight Funds research, development and maintenance of the Centrifuge protocol and ecosystem and provides governance and oversight of execution. Per proposal CP171 (Nov 2025), the CNF Board oversees strategy while operations move into Centrifuge Labs, its wholly-owned subsidiary.
k/factory (k/f) & Centrifuge Labs
Core development studio k/factory is a software studio founded by original protocol contributors who build Centrifuge per community direction. Under the 2025 restructuring, Centrifuge Labs (a wholly-owned CNF subsidiary) leads product, marketing, partnerships, distribution and revenue growth.
Series A
2021-02-23undisclosed
Key milestones: launches, upgrades, exploits and governance events.
Centrifuge V3 launch & Ethereum migration
ExecutedMigration from the legacy Polkadot-based Centrifuge Chain to an EVM-native V3 protocol spanning 10+ Ethereum-compatible networks, with a unified CFG token.
SourceGovernance restructuring (CP171)
ExecutedProposal CP171 moved operational strategy and execution into Centrifuge Labs (a wholly-owned CNF subsidiary) under Centrifuge Network Foundation oversight, aligning execution, transparency and CFG value accrual.
SourceCentrifuge is a decentralized asset-financing protocol and real-world-asset (RWA) tokenization platform. It lets asset originators bring off-chain assets (private credit, trade-finance receivables, mortgages and tokenized treasury funds) onchain and finance them from DeFi liquidity.
Tinlake was the original pool-based dApp on the legacy Centrifuge Chain that pioneered the DROP/TIN tranche model. Centrifuge V3, launched in 2025, is a re-architected EVM-native protocol that operates across 10+ Ethereum-compatible chains and offers a unified interface for onchain fund administration.
Each Centrifuge pool is split into two tranches. DROP is the senior tranche with priority on repayments and a lower, more stable yield; TIN is the junior tranche that absorbs first losses and earns a higher variable return, analogous to senior/equity tranches in traditional securitization.
Centrifuge pools were among the first RWA collateral used to back DAI. In 2021 New Silver, a fix-and-flip real-estate loan pool on Centrifuge Tinlake, became the first real-world asset financed via MakerDAO, tapping a Maker vault credit line to mint DAI against real-estate-backed collateral.
Anemoy's Liquid Treasury Fund (LTF), launched on Centrifuge in October 2023, is a fully onchain tokenized fund giving investors direct exposure to short-term US Treasury bills. In September 2024 Janus Henderson joined as sub-advisor to manage the fund.
CFG is the native ERC-20 utility and governance token. Holders vote through the Centrifuge DAO on protocol development, treasury spending and risk frameworks. A March 2025 proposal (CP149) unified prior token versions into a single Ethereum-native CFG.
