Coinbase Names Centrifuge as Tokenization Backbone

TLDR

• Coinbase selected Centrifuge as its preferred tokenization infrastructure and took an equity stake in the firm.
• The agreement positions Centrifuge as the default issuance layer for tokenized assets across Coinbase’s ecosystem, including Base.
• The companies expect to launch the first wave of institutional assets on Base in the coming weeks.
• Coinbase Asset Management continues expanding tokenized offerings through partnerships with Superstate and Apex Group.
• Tokenized real-world assets have reached about $27 billion onchain, with treasuries and fixed income products accounting for $16 billion.

Coinbase selected Centrifuge as its preferred tokenization infrastructure and disclosed a strategic equity investment on Tuesday. The agreement sets Centrifuge as the default issuance layer for tokenized assets across Coinbase’s ecosystem, including Base. The companies said they will launch the first wave of institutional assets on Base in the coming weeks.

Coinbase and Centrifuge Formalize Tokenization Partnership

Coinbase positioned Centrifuge as its core infrastructure partner for onchain asset issuance. The company will use Centrifuge as the default layer across its products, including those built on Base. The firms confirmed that institutional assets will begin launching on Base within weeks.

Coinbase said the arrangement supports asset managers seeking to issue products onchain. However, the deal does not appear to grant exclusivity to Centrifuge. Coinbase Ventures had already invested in Centrifuge during a 2022 strategic funding round.

Centrifuge provides infrastructure for tokenized investment strategies. It powers onchain products for Apollo, Janus Henderson, and S&P Dow Jones Indices. The platform crossed $1 billion in total value locked in mid-2025 and now reports $1.66 billion, according to DeFiLlama.

Coinbase expanded its tokenized capital markets strategy across several asset classes. The exchange targets ETFs, credit products, and structured offerings through blockchain issuance. This partnership adds a dedicated issuance framework within its ecosystem.

Coinbase Expands Onchain Asset Issuance Across Base

Coinbase Asset Management advanced separate tokenization initiatives in recent weeks. Last week, it said it would issue its CUSHY stablecoin credit fund through Superstate’s FundOS platform. In March, it worked with Apex Group to tokenize a share class of its Bitcoin Yield Fund on Base.

The exchange continued building infrastructure for institutional access to tokenized products. It aligned its Base blockchain as a primary venue for these issuances. The Centrifuge partnership supports this rollout with a standardized issuance layer.

The broader real-world asset sector has expanded onchain in recent months. Tokenized real-world assets total about $27 billion across blockchain networks. Tokenized treasuries and other fixed income products account for roughly $16 billion of that figure.

Securitize and Ondo Finance currently lead the RWA sector by issuance volume. Tether and Circle also operate tokenized products, including tokenized gold and money market funds. These platforms compete across stablecoin and asset-backed offerings.

Centrifuge CEO Bhaji Illuminati addressed asset selection standards. He said, “What matters now isn’t getting assets onchain, it’s getting the right assets onchain in the right way.” He made the statement as the companies outlined their partnership.

Coinbase CEO Brian Armstrong also announced workforce reductions on Tuesday. He said the exchange would lay off 14% of employees. Armstrong stated that AI tooling had made certain roles redundant.