Centrifuge Tops $1 Billion in Locked Value as Institutions Embrace RWAs
Centrifuge, a blockchain protocol for tokenized real-world assets (RWAs), has crossed $1 billion in total value locked (TVL), in line with top RWA platforms like BlackRock’s BUIDL fund at $2.374 billion and Ondo Finance at $1.375 billion.
TVL (Source: DefiLlama)
As of Aug. 18, 2025, Centrifuge’s TVL stands at $1.036 billion across six blockchains—Ethereum, Polkadot, Arbitrum, Base, Solana, and Optimism—driven by strong institutional adoption of tokenized assets, including United States Treasurys, private credit, and an upcoming S&P 500 product.
Institutional Adoption Scales Up
Centrifuge CEO Lucas Vogelsang, who is known online as Bhaji Illuminati, links the milestone to institutions transitioning from pilot projects to large-scale deployments.
“Markets need more than T-bills,” Vogelsang said, noting demand for higher-yielding assets. Stablecoin issuers and yield-focused products are key buyers, using RWAs to create a baseline yield for reserves.
One of the main drivers is JAAA, an on-chain version of Janus Henderson’s AAA-rated CLO fund, which has highly boosted TVL growth, building on the success of Centrifuge’s earlier JTRSY fund, which amassed over $500 million in assets under management.
S&P 500 Tokenization Nears Launch
In July 2025, Centrifuge launched a tokenized S&P 500 product in partnership with S&P Dow Jones Indices, registered as a regulated fund in the British Virgin Islands.
The product has seen “very strong” pre-launch demand supported by an anchor pool of capital, with a launch expected soon.
Centrifuge plans to introduce sector-specific and thematic indexes to expand its portfolio. Vogelsang expects public market RWAs, such as Treasuries and equities, to drive near-term adoption due to their liquidity, while private market assets could grow as blockchain reduces inefficiencies.
deRWA Targets Retail Investors
Through Centrifuge’s deRWA, the aim is to take tokenized assets to retail investors by tapping into big exchanges, wallets, and DeFi protocols.
Partnerships with custodians and platforms are in development to improve liquidity and interoperability of tokenized benchmarks.
RWA Market Outlook
A report from Boston Consulting Group and Ripple estimates the tokenized RWA market could reach $18 trillion by 2033, growing at a 53% compound annual growth rate.
This is in line with industry trends, including eToro’s plan to tokenize 100 US stocks on Ethereum, a sign of increased convergence between traditional finance and blockchain.
Centrifuge’s $1.036 billion TVL, as confirmed by DeFiLlama, is a 94% rise in two weeks, showing its meteoric growth in the RWA sector.
