Centrifuge: Wall Street Is Moving On-Chain

How tokenized U.S. Treasuries, BlackRock, Ethereum, and institutional capital are turning Real-World Assets (RWAs) into the fastest-growing segment of digital finance.

The Real-World Assets (RWA) market has become the fastest-growing sector of digital finance. While much of the cryptocurrency market struggled through 2025 and early 2026, tokenized U.S. Treasuries, credit markets, commodities, and equities continued attracting billions of dollars from institutional investors. The question is no longer whether tokenization will reshape global finance — but how quickly it will happen.

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Business Model Analysis

The project operates in the RWA (Real World Assets) sector, focusing on the tokenization of real-world assets and the infrastructure for private credit and on-chain financing of real-world assets.

• Value proposition: Centrifuge provides infrastructure that enables companies, credit funds, and institutions to tokenize real-world assets and raise capital through blockchain-based lending markets.
• Moat (competitive advantage): The key strength lies in its infrastructure-first positioning in private credit tokenization, long-standing presence in DeFi, and deep integration with institutional partners and lending protocols. This creates high barriers to entry and makes Centrifuge less dependent on retail demand cycles.

Business rating: 8.8/10.

Financial Metrics

The project’s financial condition demonstrates strong scaling in core metrics:

• TVL growth: Increased by more than 2.5x year-over-year, indicating expanding adoption of tokenized credit assets.
• Revenue growth: Increased nearly 4x, which is a key indicator of real economic activity and protocol sustainability.
• Treasury: $1.64 billion — reflects strong ecosystem expansion and financial resilience.
• User and transaction activity: Declined, but this is not critical due to the B2B infrastructure nature of the protocol, where value is driven by capital volume rather than user count.

Financial rating: 8.6/10

Tokenomics

This is the most controversial aspect of the project.

• Issue: The CFG token has weak connection to the protocol’s economic performance. There is no buyback or revenue-sharing mechanism, meaning protocol revenue does not directly translate into token value.
• Distribution: Approximately 50% of the total supply is still not in circulation, creating ongoing unlock pressure. Inflation is relatively low (~3%), which partially offsets dilution risk.

Tokenomics rating: 6.4/10

Valuation

The current market valuation of Centrifuge appears moderate relative to the scale of its business and the assets flowing through its ecosystem. Market capitalization is significantly lower than TVL, which may indicate a relatively conservative market pricing compared to other competitors in the RWA sector.

However, the key question is not whether the token looks cheap today, but whether it is capable of capturing future economic growth of the underlying business. Due to the lack of a clear value capture mechanism, estimating the intrinsic value of CFG remains difficult. As a result, even a potentially undervalued asset can stay undervalued for a prolonged period without a strong fundamental catalyst.

If the protocol continues to grow revenues and the token gains a stronger economic role within the ecosystem, the current valuation could become attractive. For now, however, the market is appropriately applying a discount due to uncertainty in tokenomics.

Valuation Score: 7.8/10

Final Review

What is positive (✅):

• Real business with a proven operating model.
• One of the pioneers in private credit and RWA tokenization.
• Strong growth in TVL, treasury, and revenue.
• Strong institutional partnerships.
• Large long-term potential of the asset tokenization market.

Main concerns (🔴):

• Absence of revenue-sharing or buyback mechanisms.
• Weak link between business success and token value.
• Difficulty in determining CFG intrinsic value.
• Increasing competition in the RWA sector.
• Dependence on broader adoption of real-world asset tokenization.

Answers to key questions:

Would I own the business outright?

Yes. The business solves a real problem, operates in a large market, and has a proven infrastructure model with high entry barriers.

Would I buy the token under current economics?

Rather no. The token is not sufficiently involved in capturing the business’s economic value, so the investment case is more expectation-driven than fundamentally anchored.

What would need to change for an A+ rating?

Implementation of value-capture mechanisms (such as buybacks or revenue sharing), continued sustainable revenue growth, increased share of institutional clients, and completion of major token unlock phases.

THE RESEARCHER

Centrifuge: Wall Street Is Moving On-Chain was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.