CoinDesk
Coinbase said Tuesday it has selected Centrifuge as its preferred tokenization infrastructure and made a strategic investment in the firm, positioning the RWA-native protocol as the default issuance layer for tokenized assets across Coinbase's ecosystem — including products on Base. The first wave of institutional assets is expected to launch on Base within the coming weeks.
The partnership spans tokenized ETFs, credit, and structured products, and gives Coinbase an infrastructure partner for outside asset managers that want to issue onchain. It does not appear to be exclusive. Coinbase Asset Management had recently moved in adjacent directions — last week announcing a CUSHY stablecoin credit fund issued through Superstate's FundOS, and in March tapping Apex Group to tokenize a share class of its Bitcoin Yield Fund on Base.
Why it matters
Centrifuge crossed $1 billion in total value locked in mid-2025 and now sits at roughly $1.66 billion per DeFiLlama, already powering onchain strategies for Apollo, Janus Henderson and S&P Dow Jones Indices. The Coinbase relationship is a meaningful distribution unlock: the protocol gets front-door access to one of the largest onchain user bases via Base, while Coinbase gets a battle-tested issuance rail without building one in-house.
The context is the broader tokenized real-world assets sector, which has grown to roughly $27 billion onchain — with tokenized treasuries and fixed income products accounting for about $16 billion of that. The field is currently led by Securitize and Ondo Finance, alongside stablecoin issuers Tether and Circle, whose tokenized gold and money market fund products anchor the consumer side of the category. Coinbase Ventures was already a Centrifuge backer from a 2022 strategic round, so this deepens an existing line rather than opening a new one.
Market impact
The RWA category has been waiting for an institutional-grade distribution signal that links traditional asset managers to an onchain issuance layer with regulatory and custody credibility.
Frequently asked questions
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What did Coinbase announce with Centrifuge on Tuesday?
Coinbase said it selected Centrifuge as its preferred tokenization infrastructure and made a strategic equity investment, positioning Centrifuge as the default issuance layer for tokenized assets across Coinbase's ecosystem, including Base.
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What kinds of products will the partnership cover?
The partnership covers tokenized ETFs, credit, and structured products. The first wave of institutional assets is expected to launch on Base within the coming weeks, though the deal is not described as exclusive.
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How big is Centrifuge and what is its track record with institutions?
Centrifuge crossed $1 billion in total value locked in mid-2025 and now sits at roughly $1.66 billion per DeFiLlama. It already powers onchain strategies for Apollo, Janus Henderson, and S&P Dow Jones Indices.
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Where does the Coinbase-Centrifuge deal sit in the broader RWA landscape?
Tokenized real-world assets have grown to roughly $27 billion onchain, with tokenized treasuries and fixed income products accounting for about $16 billion. The sector is currently led by Securitize and Ondo Finance, with Tether and Circle anchoring the consumer side.
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Was Coinbase already an investor in Centrifuge before this deal?
Yes. Coinbase Ventures backed a 2022 strategic round in Centrifuge, so Tuesday's announcement deepens an existing relationship rather than opening a new line.
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