The initial position establishes a 37.8 million CFG token holding for Grove and builds on more than $1.27 billion currently deployed through Centrifuge infrastructure.
Grove, an institutional-grade credit infrastructure protocol, announced an expanded strategic partnership with Centrifuge, a tokenization and onchain asset management platform. As part of the parties’ deepening strategic alignment, Grove has established an initial 37.8 million CFG token position. The partnership builds on the parties’ longstanding protocol integration and is intended to support the continued growth of institutional-grade tokenized assets in onchain finance.
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Grove and Centrifuge have worked together since Grove’s launch, with Centrifuge supporting the issuance of tokenized assets and Grove providing the allocation infrastructure through which institutional partners deploy capital onchain. Centrifuge’s infrastructure has supported Grove allocations into tokenized products, including ACRDX from Apollo and JAAA and JTRSY from Janus Henderson.
The partnership comes amid rapid growth in tokenized real-world assets. The onchain footprint of tokenized RWAs has more than tripled, from $12 billion in June 2025 to more than $38 billion, while Centrifuge’s total value locked has grown from $450 million to $1.64 billion over the same period.
“We’ve been building alongside Centrifuge since the early days of MakerDAO, and their infrastructure has been foundational to Grove from our very first allocation. Taking a strategic stake in CFG reflects both our conviction in what Centrifuge has built and our shared view of where capital markets are going,” said Mark Phillips, CEO & Co-Founder at Grove Labs.
Through the CFG position, Grove becomes a governance-aligned stakeholder in the Centrifuge ecosystem, deepening a strategic relationship built through years of working with Centrifuge’s infrastructure. The partnership brings together complementary parts of the tokenized asset ecosystem: Centrifuge’s tokenization and distribution infrastructure and Grove’s capital allocation infrastructure. Grove’s position in CFG further aligns the two ecosystems around the long-term growth of tokenized assets and creates a closer connection between Grove and the infrastructure supporting its growing portfolio of tokenized assets.
“There’s no better partner to build the new rails of finance with than Grove. They bring institutional-scale capital together with a deep understanding of onchain and credit markets, creating the liquidity and distribution that tokenized assets need to scale,” said Bhaji Illuminati, CEO & Co-Founder of Centrifuge Labs. “We’ve built alongside the Grove team for years, and we’re excited to deepen that alignment.”
For Grove, the partnership reinforces its role as a credit and liquidity backbone for onchain treasuries and protocol reserves, particularly within the Sky Ecosystem. For Centrifuge, it supports the expansion of its tokenization platform into a broader distribution and liquidity network. For the market broadly, it represents the continued development of durable, liquid, and composable onchain credit markets.
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