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Centrifuge
1 days agoNews Editor

Centrifuge fund assets fell 40% in Q3, fee income rose, but CFG holders got none

A report from Alea Research said Centrifuge posted an unusual mix of shrinking assets and rising fee income in the third quarter of 2026. The protocol’s fund assets dropped 40% to $931 million after major withdrawals by Grove, a core allocator for the Sky stablecoin protocol, and by USDe issuer Ethena. Even so, total fund fees increased 2.8% to $1.35 million. The report tied that result to a shift in asset mix. Higher-fee credit fund JAAA replaced lower-fee Treasury fund JTRSY as a larger driver of revenue. JAAA charges a 0.50% annual management fee, versus 0.25% for JTRSY, helping Centrifuge funds generate 39 basis points of revenue per dollar of AUM in Q3, the second-highest level among six revenue-generating tokenized fund issuers tracked in the study. Alea Research said the economics still do not reach CFG token holders. Management fees flow to Anemoy, the investment manager behind Centrifuge’s largest funds, and to Janus Henderson, which serves as investment adviser for JTRSY and JAAA. The report also reviewed governance proposal CP172, which passed with 98.5% support and would allow 1 CFG to be exchanged for 1 share of Centrifuge, Inc., while noting that no legal document has yet confirmed that the company is entitled to fund management fee income.

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Centrifuge fund assets fell 40% in Q3, fee income rose, but CFG holders got none
Centrifuge
5 days agoNews Editor

Why Centrifuge Is Reworking CFG as It Shifts From RWA Financing to Institutional Infrastructure

Centrifuge’s proposed CFG overhaul comes at a moment when the company is no longer operating as a niche crypto experiment. In May 2026, Coinbase said it had made a strategic investment in Centrifuge and named it a preferred tokenization infrastructure partner for ETFs, credit funds, and structured financial products on Base. Three months later, Centrifuge published CP172, a proposal to explore reorganizing its foundation into a Cayman Islands exempted company with shareholders, with eligible CFG holders able to subscribe for shares at a proposed 1 CFG to 1 share ratio. That proposal sits on top of a much longer story. Centrifuge began with an attempt to use blockchain to improve business financing, narrowed its focus in 2019 with Tinlake, connected real-world asset pools to onchain capital through MakerDAO and Aave in 2021, and later expanded into institutional fund issuance, multi-chain distribution, and tokenized financial products. Along the way, it moved from invoice financing and private credit toward products tied to traditional asset managers and benchmark providers, including the Janus Henderson Anemoy S&P 500 Index Fund. The central issue is not simply whether CFG holders may receive equity. It is whether a token structure built for a crypto-native protocol still fits a business that now works with asset managers, index providers, and large financial platforms. CP172 does not settle that question, but it makes clear that Centrifuge is now reassessing how ownership, governance, capital formation, and long-term value should be organized.

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Why Centrifuge Is Reworking CFG as It Shifts From RWA Financing to Institutional Infrastructure
Centrifuge
1 months agoNews Editor

Centrifuge says CP172 passed, clearing path for optional CFG-to-equity conversion

Centrifuge said governance proposal CP172 has passed, opening the way for what the protocol described as the first token-to-tokenized-equity conversion in its history. The move would allow eligible CFG holders to voluntarily exchange tokens for tokenized shares once required approvals and legal analysis are complete. Under the proposal posted on the governance forum, the Centrifuge Network Foundation would be reorganized and re-registered as Centrifuge, Inc., an exempted limited liability company in the Cayman Islands, for the purpose of issuing equity. Eligible holders would be able to convert at a 1 CFG to 1 share ratio through the Centrifuge platform, with no additional fee. The proposal also sets different participation routes based on holdings. Qualified holders with 100,000 CFG or more would be registered directly as shareholders, while those with less than 100,000 CFG would participate through a trust structure proposed in cooperation with CoinList. Centrifuge said the conversion would remain optional, and non-participating holders could keep their tokens or sell them on the open market. The protocol also said it would seek to maintain market liquidity during the conversion period. Legal guidance was provided by Ogier, with advisory support from Galaxy Digital Labs LLC and The Tokenized Asset Coalition.

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Centrifuge says CP172 passed, clearing path for optional CFG-to-equity conversion
Grove Finance
2 months agoNews Editor

Grove Finance builds strategic CFG position, deepening ties with Centrifuge

Grove Finance said it has established a strategic position in the Centrifuge ecosystem, with an initial holding of 37.8 million CFG, equal to about 5.4% of the token’s total supply. The announcement adds a treasury-style dimension to a relationship that, according to the company, dates back to the early MakerDAO period. The two sides already have more than $1.27 billion in assets deployed through Centrifuge infrastructure. Grove Finance said the new position shifts the relationship beyond protocol integration and toward closer strategic coordination. The companies plan to combine Centrifuge’s tokenization and distribution infrastructure with Grove Finance’s capital allocation capabilities to support the long-term development of the tokenized asset ecosystem. No additional details were disclosed in the brief announcement about the timing of future purchases or any broader allocation plan beyond the initial CFG holding.

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Grove Finance builds strategic CFG position, deepening ties with Centrifuge