Cryptocurrency exchange Coinbase has announced a significant move in the digital asset space by forming a strategic partnership with Centrifuge to develop tokenization infrastructure. As part of the deal, Coinbase has invested in Centrifuge. Going forward, Centrifuge will become the primary issuance platform for tokenized assets within the Coinbase ecosystem, especially on the Base network. The first institutional assets are expected to be launched on Base in the coming weeks.
A new era in tokenization
Coinbase’s expansion into asset tokenization reaches across diverse areas such as exchange-traded funds (ETFs), lending products, and structured financial products. Thanks to the partnership with Centrifuge, external asset managers who want to build blockchain-based products will now have access to advanced infrastructure. Notably, Coinbase is moving ahead with other collaborations beyond just Centrifuge as part of its broad tokenization push.
Just last week, Coinbase Asset Management announced the rollout of the CUSHY stablecoin-collateralized lending fund on Superstate’s FundOS platform. In March, plans were shared regarding the tokenization of a share class from the Bitcoin Yield Fund on Base, in collaboration with Apex Group. Coinbase Ventures had also previously invested in Centrifuge in 2022.
Centrifuge’s industry standing
Centrifuge has emerged as one of the leading platforms for bringing traditional financial assets onto the blockchain. Having worked with prominent financial institutions such as Apollo, Janus Henderson, and S&P Dow Jones Indices on on-chain strategies, Centrifuge has drawn attention for its total value locked (TVL). According to DeFiLlama, the platform surpassed the $1 billion threshold in mid-2025 and currently holds $1.66 billion in TVL, placing it among the sector’s top players.
The segment known as real-world asset (RWA) tokenization continues to expand rapidly. The total volume of real-world assets tokenized on-chain is now approaching $27 billion. Of this amount, more than $16 billion consists of treasury bills and fixed income products.
Latest developments in the competitive RWA market
In the RWA sector, companies like Securitize and Ondo Finance are currently leading the field. In addition, stablecoin issuers such as Tether and Circle have joined the competition with tokenized gold products and money market funds.
Centrifuge CEO Bhaji Illuminati emphasized the sector’s changing priorities by noting, “What matters now is not just bringing assets onto the blockchain, but integrating the right assets in the right way.”
Meanwhile, on the same day, Coinbase CEO Brian Armstrong disclosed that the company has parted ways with 14% of its workforce. Armstrong stated that advances in AI-powered tools have increased efficiency and influenced the decision.
