How tokenized U.S. Treasuries, BlackRock, Ethereum, and institutional capital are turning Real-World Assets (RWAs) into the fastest-growing segment of digital\u00a0finance.<\/p>\n
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\u200a\u2014\u200abut how quickly it will\u00a0happen.<\/p>\n
Disclaimer: This content is for educational and informational purposes only and does not constitute financial, investment, or professional advice. We do not recommend any buying, selling, or holding of digital\u00a0assets.All views are the author\u2019s own. Digital assets involve high risk and volatility, and readers should conduct their own research before making any decisions.This report is not sponsored by any mentioned companies.<\/p>\n
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.<\/p>\n
Value proposition: <\/strong>Centrifuge provides infrastructure that enables companies, credit funds, and institutions to tokenize real-world assets and raise capital through blockchain-based lending\u00a0markets.Moat (competitive advantage):<\/strong> 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\u00a0cycles.<\/p>\n Business rating:\u00a08.8\/10.<\/strong><\/p>\n The project\u2019s financial condition demonstrates strong scaling in core\u00a0metrics:<\/p>\n TVL growth:<\/strong> Increased by more than 2.5x year-over-year, indicating expanding adoption of tokenized credit\u00a0assets.Revenue growth:<\/strong> Increased nearly 4x, which is a key indicator of real economic activity and protocol sustainability.Treasury: $1.64 billion\u200a\u2014\u200areflects strong ecosystem expansion and financial resilience.User and transaction activity:<\/strong> 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\u00a0count.<\/p>\n Financial rating:\u00a08.6\/10<\/strong><\/p>\n This is the most controversial aspect of the\u00a0project.<\/p>\n Issue<\/strong>: The CFG token has weak connection to the protocol\u2019s economic performance. There is no buyback or revenue-sharing mechanism, meaning protocol revenue does not directly translate into token\u00a0value.Distribution<\/strong>: Approximately 50% of the total supply is still not in circulation, creating ongoing unlock pressure. Inflation is relatively low (~3%), which partially offsets dilution\u00a0risk.<\/p>\n Tokenomics rating:\u00a06.4\/10<\/strong><\/p>\n 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\u00a0sector.<\/p>\n 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.<\/p>\n 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.<\/p>\n Valuation Score:\u00a07.8\/10<\/strong><\/p>\n What is positive\u00a0(\u2705):<\/strong><\/p>\n Real business with a proven operating model.One of the pioneers in private credit and RWA tokenization.Strong growth in TVL, treasury, and\u00a0revenue.Strong institutional partnerships.Large long-term potential of the asset tokenization market.<\/p>\n Main concerns\u00a0(\ud83d\udd34):<\/strong><\/p>\n Absence of revenue-sharing or buyback mechanisms.Weak link between business success and token\u00a0value.Difficulty in determining CFG intrinsic value.Increasing competition in the RWA\u00a0sector.Dependence on broader adoption of real-world asset tokenization.<\/p>\n Yes.<\/strong> The business solves a real problem, operates in a large market, and has a proven infrastructure model with high entry barriers.<\/p>\n Rather no.<\/strong> The token is not sufficiently involved in capturing the business\u2019s economic value, so the investment case is more expectation-driven than fundamentally anchored.<\/p>\n 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\u00a0phases.<\/p>\n THE RESEARCHER<\/a><\/p>\n Centrifuge: Wall Street Is Moving On-Chain<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" How tokenized U.S. Treasuries, BlackRock, Ethereum, and institutional capital are turning Real-World Assets (RWAs) into the fastest-growing segment of digital\u00a0finance. 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 […]<\/p>\n","protected":false},"author":0,"featured_media":202996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-202995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/202995"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=202995"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/202995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/202996"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=202995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=202995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=202995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Financial Metrics<\/h3>\n
Tokenomics<\/h3>\n
Valuation<\/h3>\n
Final Review<\/h3>\n
Answers to key questions:<\/h4>\n
Would I own the business outright?<\/h3>\n
Would I buy the token under current economics?<\/h3>\n
What would need to change for an A+\u00a0rating?<\/h3>\n