Key facts
- Centrifuge integrated Symbiotic's Liquid Lane network across three tokenized funds.
- The funds represent approximately $1.6 billion in assets under management.
- Eligible holders can now exchange their positions for USDC immediately.
- The integration includes Janus Henderson's JAAA and JTRSY, and NYLIM's HYB.
- Symbiotic's Liquid Lane operates as an on-chain request-for-quote marketplace.
Centrifuge has expanded its asset tokenization capabilities by integrating Symbiotic's Liquid Lane liquidity network across three of its tokenized funds, which collectively manage approximately $1.6 billion in assets. This new integration offers eligible holders an additional avenue to convert their fund positions into USDC promptly.
The affected funds include Janus Henderson's JAAA, a collateralized loan obligation strategy with AAA rating, and JTRSY, a short-duration US Treasury strategy, alongside New York Life Investment Management's HYB, a US high-yield corporate bond strategy.
Symbiotic's Liquid Lane functions as an on-chain request-for-quote (RFQ) marketplace. This platform allows market makers to access liquidity from vaults to fulfill redemption requests. Subsequently, market makers can either redeem the acquired fund tokens directly from the issuer or trade them through another RFQ transaction.
This arrangement ensures that investors receive immediate USDC liquidity, while the funds' standard redemption processes continue independently. Centrifuge, as an asset tokenization and vault platform, facilitates the issuance and management of these tokenized funds by asset managers.
Janus Henderson, a global asset manager overseeing about $500 billion, has played a crucial role in Centrifuge's platform growth through its JAAA and JTRSY products. By December 2025, Centrifuge had secured approximately $1.3 billion in new inflows, largely driven by these two Janus Henderson funds, with JAAA alone accounting for about $1 billion in total value locked, positioning it as one of the largest tokenized funds available.
Symbiotic's Liquid Lane is not the sole liquidity solution for Centrifuge's tokenized funds. The platform previously announced a partnership with Wintermute in February 2025 to offer 24/7 instant redemptions for JTRSY. Additionally, the HYB fund, launched in June, has its own liquidity arrangement for near-instant redemptions.
Felix Lutsch, Symbiotic's head of ecosystem, highlighted that Liquid Lane's distinctiveness lies in its capital structure rather than just transaction speed. The marketplace enables participation from multiple market makers and curators without requiring market makers to pre-fund or hold inventory for specific assets. Lutsch noted that the primary constraint has historically been trading volume in tokenized assets, which has offered limited incentives for market makers to commit capital. He suggested that aggregating redemption demand across various issuers and asset classes could improve these economics, especially as tokenized funds gain traction as collateral and financing assets in onchain markets.