Centrifuge Brings Tokenized Treasuries to Solana DeFi

Centrifuge, a platform focused on bringing real-world assets (RWAs) on-chain, announced today, May 22, that it has launched institutional-grade RWA products on the Solana blockchain.

The first token, deJTRSY, represents short-term U.S. Treasuries and is now available across three Solana platforms: trading protocol Raydium, lending platform Kamino, and structured yield aggregator Lulo.

The launch comes as Solana’s stablecoin market cap recently reached a new all-time high of $13 billion, according to DeFiLlama. It builds on Centrifuge’s newly-launched deRWA standard, which supports “freely transferable tokens designed to integrate seamlessly with DeFi,” according to a press release viewed by The Defiant.

Centrifuge notes that these tokens move at “Solana speed,” allowing users to treat them like they would any other crypto – meaning you can swap, lend, or collateralize them.

“We’re currently focused on expanding deRWA coverage across core asset classes with strong institutional interest,” Centrifuge CEO Bhaji Illuminati told The Defiant, hinting at upcoming plans:

“Right now this is tokenized treasuries and in a few weeks, we’ll announce our next higher yielding investment grade product which will be available to the Solana ecosystem.”

Centrifuge currently has a total value locked (TVL) of around $441 million and a market capitalization of $115 million, according to DeFiLlama data. Meanwhile, the Centrifuge RWA protocol is the 8th largest by TVL. According to Tracxn, the company has raised over $27 million across five funding rounds.

What’s in Store?

When asked how she sees RWA adoption evolving on Solana, Illuminati said she expects to see deeper integration across the ecosystem over the next 6 to 12 months. “Native composability on Solana enables lending markets, yield strategies, and structured products to seamlessly incorporate deRWA,” she explained.

She noted that protocols are already heading toward direct collateral support and yield generation, while new DeFi building blocks are emerging to support institutional onboarding and unlock secondary liquidity. “There will be a place for both permissioned and freely transferable products within the Solana ecosystem, and we’re happy to provide both,” she added.

Nick Ducoff, head of institutional growth at Solana Foundation, said in a statement in the press release: “At Solana, we’re focused on making DeFi faster, more efficient, and more relevant to the real economy. Real-world assets are a critical part of that vision and freely transferable tokens make it possible.”

Illuminati also hinted that Centrifuge’s expansion won’t stop with Solana. “We started with Solana to take advantage of its performance and composability, but EVM support is coming soon,” she said. “We’ll expand based on ecosystem demand, with interoperability and institutional readiness as key priorities.”

Recently, Centrifuge partnered with Wormhole to launch a multichain tokenization platform. The collaboration also included Anemoy, a web3-native asset manager built on Centrifuge.

Elsewhere in Solana DeFi, earlier this week Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was deployed on Solana, giving developers in the ecosuystem access to the oracle’s data feeds.