Growth · RWA infrastructure
Centrifuge CFG
MC ~$95–135M
Price ~$0.16
On-chain TVL ~$1.64B
Supply ~697M
Composite52.9 #9 of 25
Buyback yield0.0%
P/S9.4× sector 16.9×
Below 1y peak77% 4.4× to reclaim
Float56% FDV $91.1M
Fwd P/S y32.8× base case
Moat56 judgement
Innovation55 judgement
Moat 56. RWA plumbing depends on issuer relationships and regulatory groundwork that take years. Small scale limits how much that is currently worth.
Innovation 55. Early and serious RWA tokenisation infrastructure. The novelty is regulatory and structural plumbing rather than protocol design.
Innovation 55. Early and serious RWA tokenisation infrastructure. The novelty is regulatory and structural plumbing rather than protocol design.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Centrifuge is RWA tokenization infrastructure. It powers the Anemoy / Janus Henderson tokenized funds — JTRSY (a $1.1B tokenized T-bill fund) and JAAA (a CLO fund). Every major RWA announcement in 2026 either uses Centrifuge or competes with it.
Fundamentals
- TVL surpassed $1B in Aug 2025; currently ~$1.64B on-chain.
- Named "Preferred Tokenization Infrastructure" by Coinbase in 2026, with strategic investment.
- JAAA seeded with $1B from Grove (Sky ecosystem).
- JTRSY is one of the first two funds in the BlackRock/Janus Henderson $1B Basin instant-redemption facility.
- Ethena allocates to JAAA.
- Protocol projecting ~$15M revenue by 2026.
Tokenomics
- ~697M total supply; 3% annual inflation to DAO treasury.
- Fee switch being turned on starting with JAAA — token utility / value accrual under active development.
- Historic protocol-assets ratio only 0.058× per some analyses; unusually cheap by that metric.
Catalysts (6–12mo)
- Fee switch activation across additional products.
- Staking / fee-sharing mechanism rollout.
- More BlackRock / Franklin-tier partnerships.
- CFG V3 EVM migration (completed July 2025) enabling broader DeFi integration.
Risks
- Token value accrual is still promissory — fee switch just starting on one product.
- Small float and liquidity make it volatile.
- They've been historically slow to convert institutional wins into holder economics.
Strong Buy (higher risk). Highest-leverage RWA infra bet if the fee switch delivers even modest ARR — the multiple would compress 5–10× from current levels. Size ~30–50% of a SYRUP position.
How it compares to its peers
| RWA / Credit | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Ondopeer | $1.7B | $9.0M | 23% | $10.0M | 193.6× | 128.7× | 0.4% |
| Maple Finance | $223.0M | $14.4M | 74% | $80.1M | 15.5× | 4.9× | 1.5% |
| Centrifuge | $50.9M | $5.4M | 78% | $18.2M | 9.4× | 2.8× | 0.0% |
| Clearpoolpeer | $19.2M | $0 | -24% | $0 | — | — | 0.0% |
| Goldfinchpeer | $3.4M | $186.9K | -50% | $53.9K | 18.3× | 63.5× | — |
Sector median P/S is 16.9×. Centrifuge trades at 9.4× — below the median, worth 80% if it re-rated to it. Peer revenue growth runs at a median of 23% a year, with 2 of 5 shrinking — so this multiple sits inside a growing sector.