Centrifuge is widening the distribution network for its tokenized real-world assets through integrations spanning Coinbase, Kraken and OKX infrastructure. Coinbase designated Centrifuge a Preferred Tokenization Infrastructure platform and made a strategic investment in the company in May, while Kraken Institutional subsequently added Centrifuge-powered JAAA as its first real-world asset supported through qualified custody. The agreements extend Centrifuge beyond token issuance toward the infrastructure where institutions and users actually hold and deploy tokenized assets.
The partnerships serve different functions. Coinbase is working with Centrifuge to expand tokenization and distribution on Base, while Kraken gives institutional clients custody access to JAAA, the Janus Henderson Anemoy AAA CLO Fund. Centrifuge has separately said deJTRSY and deJAAA are among the first tokenized assets arriving on OKX’s X Layer. Together, the integrations broaden issuance, custody and onchain distribution without making those services interchangeable.
Coinbase and Kraken Target Different Parts of the RWA Stack
Coinbase’s designation places Centrifuge inside its effort to bring differentiated tokenized products to Base for eligible non-U.S. users. Centrifuge already distributes deSPXA there, providing tokenized exposure to the Janus Henderson Anemoy S&P 500 Index Fund. The Coinbase relationship focuses on tokenization infrastructure and distribution rather than Coinbase becoming the issuer or investment manager of the underlying products.
Kraken’s integration addresses another institutional requirement: custody. Kraken Institutional says JAAA can remain within qualified custody while clients use the position for underlying fund returns, borrowing, trading through Kraken Prime or vault strategies. That gives tokenized credit a route into workflows institutions already use for custody and capital management.
OKX extends the distribution layer further. Centrifuge says deJTRSY and deJAAA are arriving on X Layer, giving the network exposure to tokenized U.S. Treasuries and AAA-rated CLOs. Unlike Kraken’s custody arrangement, the X Layer integration is an onchain deployment designed to make the assets available within a broader DeFi environment.
Multichain Distribution Becomes the Core Strategy
Centrifuge’s V3 architecture is built around a hub-and-spoke model in which one hub maintains authoritative accounting, pricing and permissions while spoke chains provide local distribution points. Its June documentation listed availability across 12 networks, including Ethereum, Base, Arbitrum, Solana, Stellar, BNB Chain, Avalanche, Plume, Optimism, Hyperliquid, Monad and Pharos. The architecture is designed to let one tokenized fund reach multiple chains without maintaining separate accounting systems for every deployment.
The protocol’s scale also needs precise framing. Centrifuge reported that total value locked reached $2 billion for the first time during Q1 2026 before ending the quarter at $1.7 billion. Its security documentation currently lists 24 protocol security reviews. Those figures demonstrate meaningful infrastructure scale, but neither TVL nor audit activity guarantees liquidity, investment performance or institutional adoption.
The latest integrations consequently point to a distribution strategy rather than a single product launch. Coinbase adds tokenization reach, Kraken provides an institutional custody channel and X Layer expands onchain availability. For Centrifuge, the next test is whether that wider infrastructure converts tokenized issuance into recurring custody, trading, collateral and investment activity across multiple venues.