Centrifuge to release RWA report on tokenized money market funds’ structural differences

Centrifuge is preparing to release a comprehensive report analyzing the structural disparities among tokenized treasury and money market funds, which have grown to $14.2 billion in total assets under management by mid-2026. While these funds often hold identical underlying U.S. Treasury assets, the report highlights significant variations in fee structures, redemption timelines, and DeFi composability. Data from Centrifuge’s Tokenization Outlook 2026 reveals that 86% of industry operators identify distribution as their primary challenge, while only 12% of tokenized assets currently possess the technical composability required for seamless DeFi integration. The analysis underscores a critical tension between the desire for yield-bearing cash equivalents and the regulatory reality that classifies these products as securities, necessitating KYC and transfer restrictions. Centrifuge’s own flagship offerings, such as the Janus Henderson Anemoy Treasury Fund (JTRSY), demonstrate efforts to improve transparency through onchain NAV reporting. As the market matures, the report argues that investors must look beyond uniform yields to evaluate the specific plumbing and liquidity constraints of individual tokenized wrappers. This shift in focus is essential for the industry to move beyond the current state where many assets exist onchain but remain isolated from the broader decentralized ecosystem.