1) What is Centrifuge?

• Platform role. Centrifuge is an asset tokenization and vault platform for issuing and running funds backed by tokenized assets.

• For managers. Asset managers use Centrifuge to bring existing strategies onchain or to launch new tokenized funds using open infrastructure.

• For allocators. Onchain allocators, stablecoins, and curators use these funds to gain exposure to credit, treasuries, and other tokenized real-world assets for uncorrelated, stable yields.

2) Centrifuge has seen $1.3 billion in new inflows YTD

• Main drivers. TVL growth comes primarily from two Janus Henderson (a $480 billion AUM asset manager) products on Centrifuge: JAAA (CLOs) and JTRSY (treasuries).

• Manager benefit. Janus Henderson uses Centrifuge to offer its credit and rates strategies in tokenized form, alongside its existing funds in traditional markets.

• Allocator benefit. For example Sky allocates to these products through Grove, its RWA-focused Star (fka subDAO). The JAAA credit fund allows Sky to diversify the real-world yield sources (backing its sUSDS savings product) beyond treasuries, a compelling option in a market with declining rates.

3) Janus Henderson’s JAAA credit fund has contributed $1 billion in TVL

• Product overview. JAAA is a tokenized credit fund on Centrifuge that mirrors Janus Henderson’s AAA CLO strategy. The same team also runs the companion AAA CLO ETF (ticker: JAAA) in traditional markets, which manages about $25 billion in assets.

• Investor benefit. Tokenizing this strategy brings an established AAA CLO product onchain, so investors can hold that exposure as a token and use it directly in onchain portfolios for yield and collateral.

• Platform impact. With about $1 billion in TVL, the tokenized JAAA fund is one of the largest tokenized funds in the crypto market, and a significant contributor to the Centrifuge platform’s assets.

4) With V3, Centrifuge allows asset managers to tokenize funds across chains

• Multichain abstraction. V3 is Centrifuge’s multichain protocol that lets issuers tokenize and manage funds across several chains from a single interface.

• Manager benefit. V3 lets asset managers list a fund once and distribute it across multiple networks, instead of maintaining separate versions on each chain.

• Platform impact. Following the launch of V3 in the summer of 2025, Centrifuge’s onchain footprint across supported chains has continued to grow, with rising multichain TVL serving as a proxy for adoption.

Access the charts here.

Standardized project listings:

• Hedera, an enterprise-grade L1 for the decentralized economy using hashgraph consensus. Hedera EVM support will be added in the coming weeks.

• Mamo, an AI agent for money management that monitors and grows users' portfolios on Base.

• Rezerve, a decentralized treasury protocol accumulating ETH, BNB, and high-yield assets.

+ basic project listings: Australian Digital Dollar, GANA Payment, OnRe, saucerswap, Solstice Finance, Spaace, Stable Coin, Stasis, and StraitsX.

Interested in getting listed? Read more here.

Tokenized asset updates:

• Listed the following tokenized assets:

  • Australian Digital Dollar (AUDD)

  • Onchain Yield Coin (ONyc)

  • Solstice USX & Solstice eUSX

  • Stable Coin (SBC)

  • STASIS EURO (EURS)

  • StraitsX Singapore Dollar (XSGD)

• Expanded coverage for major stablecoin issuers (Circle, Paxos, Ethena) across several chains.

Metric updates: 

• Updated metrics for Sky, including fees, revenue, and expenses. Last week, Sky generated $21.9M in fees.

• Updated metrics for pump.fun, including fees and trading volume. Last week, pump.fun saw $637.8M in trading volume.

• Added support for Pharaoh V3 liquidity pools. This data is now included in metrics like TVL, trading volume, fees, and more.

• Added active user data for Calyx, including daily, weekly, and monthly metrics. These metrics are visible here and available in charts on Studio.

Platform updates:

• Metrics: When viewing metrics like fees, click on a project-specific definition to open a methodology browser showing how Token Terminal defines metrics. For example, you can compare definitions across projects like Aave and Morpho without navigating away from your current view.

• Tokenized assets: Tokenized assets can now be grouped by asset or by asset and chain, providing more flexibility in how you view and analyze tokenized assets deployed on multiple chains. For example, you can view USDT as a single aggregated entry across all chains or as separate entries on each chain.

• Projects: Chain and product breakdowns have been added to metric pages for specific projects, providing more granular insight. For example, when viewing metrics like fees for Fluid, you can see a breakdown by chain, product, and product & chain.

• API: Market sector IDs can now be used to filter results from the metrics/{metric_id} API endpoints, and a bug affecting ecosystem metrics has been fixed. You can now filter API responses by market sector and access ecosystem metrics reliably in all supported endpoints.

Want API access? Schedule a demo or explore our documentation.

Supporting Solana with real-time onchain data

Token Terminal now supports real-time Solana data through our rebuilt 4th-generation pipeline.

Solana generates 50× more raw data than Ethereum, requiring infrastructure that can decode, normalize, and update massive transaction volumes continuously. We rebuilt three components:

1. A custom decoder that automatically handles all historical program versions.

2. An optimized data warehouse that reduced costs from $40k to $4k/month.

3. Real-time ingestion within seconds of block finalization.

This infrastructure will extend to the 100+ other chains we support. By solving the hardest onchain data problem in the industry, we've proven our stack can support any blockchain at scale.

Read more here.

Access Token Terminal data directly in AI tools

Our Model Context Protocol (MCP) server enables AI models and agents to seamlessly access Token Terminal's standardized onchain data through a secure, standardized interface. The MCP server integrates natively with ChatGPT, Claude, Cursor, and other compatible clients, and is centrally hosted and managed following the authenticated remote MCP specification.

The server provides tools for querying and analyzing Token Terminal data including projects, metrics, financial statements, and market sectors, with additional functionality being continuously added based on user feedback.

Setup instructions for Claude, ChatGPT, and Cursor are available here. To use the MCP server, you'll need an active Token Terminal API plan.