Centrifuge & Pharos Partner to Advance Institutional Asset Distribution Infrastructure

Centrifuge and Pharos have announced a partnership aimed at solving a problem that’s become increasingly obvious in institutional DeFi: tokenizing assets is no longer the hard part; getting those assets broadly distributed, liquid, and usable on-chain is.

The two projects said they will work on shared infrastructure designed to support the on-chain distribution and operation of institutional products such as tokenized U.S. Treasuries JTRSY and AAA-rated structured credit JAAA. The goal is to move these instruments beyond “issued and parked” and into active on-chain workflows where they can be accessed, routed, and deployed across markets.

Why They’re Focusing On Distribution

Tokenized U.S. Treasuries have become one of the largest RWA categories on-chain, and the market has scaled so quickly that frictions now matter. RWA.xyz currently tracks tokenized U.S. Treasuries with a total value of roughly $10B, illustrating the amount of capital already sitting in tokenized government debt wrappers. But access remains uneven: liquidity is fragmented across chains and venues, and institutional products can become passive once minted.

Centrifuge’s pitch is that the next leg of growth comes from making institutional assets behave like financial primitives on-chain rather than just representations. The company has been pushing that direction with cross-chain RWA deployments, including bringing a tokenized U.S. Treasury strategy to Solana in 2025.

What Each Side Brings

Centrifuge provides the issuance and tokenization stack used by institutional partners, including its work with JTRSY and Janus Henderson/Anemoy, and allocation-related programs such as the Spark Tokenization Grand Prix.

Pharos positions itself as a purpose-built L1 for “RealFi” use cases and says it is backed by investors including Hack VC and Faction VC, with infrastructure claims focused on high-throughput execution and financial workflows.

Under the partnership, Pharos is expected to act as a liquidity and distribution layer for assets issued through Centrifuge, aiming to make tokenized dollar assets easier to reach and more operational once on-chain, particularly for regions where access to USD credit and treasury products is constrained by onboarding, custody, or platform limitations.