Centrifuge’s Q3 TVL Falls 38% to $1 Billion as Tokenized Assets Expand

Centrifuge ended the third quarter with $1 billion in total value locked, down 38% quarter over quarter, even as its high-yield strategy and tokenized assets expanded across several blockchains.

During the quarter, New York Life Investment Management’s U.S. high-yield corporate bond strategy expanded to Solana and Avalanche. Centrifuge assets also went live on Arc and X Layer. Those moves accompanied a decline in the platform-wide TVL figure.

The strategy is the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), announced June 30. Subscriptions and redemptions settle in USD Coin (USDC). The portfolio, investment process and risk management remain unchanged. HYB’s listed deployment footprint includes Ethereum, Avalanche, Pharos, X Layer, Arc and Solana.

In a separate weekly snapshot on Oct. 9, asset-backed credit, Treasuries and gold took most of that week’s new onchain money.

Tokenized credit also had a larger share of its supply in lending protocols than cash-equivalent assets. As of Aug. 31, 19% to 21% of tokenized credit supply was in lending protocols, compared with 0.4% of cash-equivalent supply. Each percentage uses that category’s supply as its denominator.

Across four tokenized asset classes, supply reached $33.9 billion after growing more than 140% over the prior year. Cash equivalents accounted for $17.8 billion, making them the largest of the four classes by supply. The lending percentages measure the share of each category used in protocols; Centrifuge’s $1 billion TVL is a platform-wide figure. The measures cover different scopes and dates.