Centrifuge

Centrifuge is onchain asset-management infrastructure for independent managers, not one issuer's standardized Treasury token. A manager can operate a tokenized fund, credit product or allocation strategy in a pool, while investors hold the relevant share token in their own wallets.

Pools connect the balance sheet to share classes

Each pool holds the product's onchain balance sheet and sets its share classes, investor permissions, orders, prices and liquidity terms. The share token represents a particular class in the investor's wallet. Its balance can remain unchanged while each share's value changes with the valuation published for that pool.

Managers value the product under its own valuation method, allocate that value among share classes and publish the resulting prices. Vaults use both the investment asset's price and the share price to calculate subscriptions and redemptions, tying the token to the manager's reported fund value rather than a fixed one-dollar unit.

Vaults open the same class to different assets and networks

One share class can use several vaults. Each vault names the accepted investment asset, network and subscription flow, so investors can enter with different stablecoins or from different chains while capital remains in one pool balance sheet.

Centrifuge uses a hub chain for accounting, roles, permissions, prices and order processing, with spokes for local share tokens, vaults and on/off-ramps. Deploying a token to a spoke permits holding or transfer there; deploying a vault also opens subscriptions and redemptions in the vault's accepted asset.

Instant deposits do not promise instant exits

Products able to issue on demand can offer instant ERC-4626 subscriptions within a manager-set deposit capacity. Their redemptions remain request-based. The pool can therefore accept capital immediately while keeping outgoing liquidity subject to the product's cash and settlement terms.

For offchain settlement or periodic valuation, ERC-7540 vaults make both subscriptions and redemptions requests. The manager processes them at the product's cadence, and the investor claims shares or stablecoins after processing. The final redemption amount follows the price at fulfillment, which can differ from the estimate when the exit was requested.

Permissions and allocations belong to each pool

A manager can require approved wallets for entry, exit and transfers; gate only certain actions; or leave the pool open while retaining address-freeze controls. Approval can be network-specific, so access on one chain does not automatically grant access on another.

Curators can also allocate a pool into other tokenized products, DeFi positions or networks under manager-set limits. This makes Centrifuge useful for managed portfolios and fund-of-funds structures as well as direct asset issuance. Ondo is the clearer choice for a standardized Treasury product; Centrifuge leaves the asset strategy, valuation, access and liquidity terms to the manager of each pool.