Centrifuge says tokenized stocks have become the fastest-growing real-world asset category in percentage terms during 2026, even as tokenized Treasuries continue to contribute the largest increase in absolute value. The divergence suggests onchain finance is expanding simultaneously into lower-risk government debt and higher-risk equity exposure, broadening the range of traditional assets being distributed through blockchain infrastructure.
The observation comes as Centrifuge itself expands beyond its earlier Treasury and structured-credit focus. Its platform now supports strategies connected with New York Life Investment Management, Janus Henderson, Apollo and S&P Dow Jones Indices, while Centrifuge reported TVL of roughly $1.64 billion in August. The growth narrative is increasingly about diversification across asset classes rather than simply putting more Treasury bills onchain.
HYB Receives A Rating From Particula
Centrifuge announced on August 31 that HYB, which provides tokenized access to New York Life Investment Management’s U.S. high-yield corporate bond strategy, received an A assessment from Particula. Particula classifies that level as “High Quality, Low-Medium Risk” within its proprietary framework. The assessment recognizes HYB’s institutional management, regulatory structure and technical implementation while still accounting for the higher credit risk inherent in high-yield bonds.
The underlying strategy is managed by MacKay Shields, part of New York Life Investment Management. In its own 2026 high-yield outlook, New York Life Investments emphasizes that high-yield credit requires careful issuer selection because investors are taking materially greater credit and liquidity risk than in government securities. That traditional-finance context helps explain why HYB carries a lower Particula assessment than Centrifuge products focused on Treasuries or AAA-rated CLOs.
Particula’s methodology also needs to be interpreted carefully. Its PDARF methodology evaluates counterparty stability, structural integrity and underlying-asset quality, but explicitly states that it does not measure an issuer’s probability of default or constitute a conventional regulated credit rating. HYB’s A therefore signals relative quality within Particula’s tokenized-asset risk framework, not the investment-grade credit status of every bond held by the underlying high-yield strategy.
Other Centrifuge-linked products have received stronger Particula assessments. JTRSY, which provides short-duration U.S. Treasury exposure, was upgraded to AA+ in May 2025, while JAAA, backed primarily by AAA CLO tranches, received AAA in November 2025. The different scores illustrate how underlying asset risk continues to matter even when products share similar tokenization infrastructure.
Grove Deepens Its Centrifuge Exposure
Centrifuge’s institutional expansion also includes a deeper relationship with Grove. On August 25, Grove disclosed an initial holding of 37.8 million CFG tokens and said more than $1.27 billion was already deployed through Centrifuge infrastructure. The CFG position represents strategic alignment with the protocol rather than additional TVL or a new tokenized fund allocation.
Centrifuge separately said its TVL grew from roughly $450 million to $1.64 billion while the wider onchain RWA market expanded from about $12 billion in June 2025 to more than $38 billion. The broader signal is that tokenization is moving beyond a Treasury-dominated first phase, with equities and corporate credit increasingly contributing to the asset mix.
For Centrifuge, that shift creates both opportunity and additional risk complexity. Tokenized stocks and high-yield credit can expand the addressable market, but their liquidity, volatility and credit characteristics differ materially from short-term government debt, making independent risk assessment and reliable redemption infrastructure increasingly important as the platform broadens its product range.
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