Centrifuge Integrates Symbiotic Liquidity, Expands $1.6B in Janus Funds

Centrifuge has expanded its tokenized-fund liquidity options by integrating Symbiotic’s Liquid Lane into three of its funds, enabling eligible holders to exchange fund positions for USDC through an onchain request-for-quote (RFQ) process.

The integration applies to Janus Henderson’s JAAA (an AAA-rated collateralized loan obligation strategy), JTRSY (a short-duration US Treasury strategy), and New York Life Investment Management’s HYB (a US high-yield corporate bond strategy). Together, these tokenized funds represent about $1.6 billion in assets under management, according to the announcement.

Key takeaways

• Centrifuge is adding Symbiotic’s Liquid Lane as an additional USDC redemption route for three tokenized funds, spanning loans, Treasuries, and high-yield credit.
• Liquid Lane uses an RFQ marketplace where market makers can pull liquidity from vaults to fill redemption requests.
• The structure is designed to let investors receive USDC immediately, while the funds’ standard redemption process occurs separately.
• Symbiotic’s head of ecosystem, Felix Lutsch, framed Liquid Lane as an improvement in transaction capital structure and redemption flow—rather than a claim to being the first “instant redemption” solution.
• The move adds to Centrifuge’s existing liquidity arrangements, including routes already used for JTRSY and HYB.

How Liquid Lane changes Centrifuge redemptions

Symbiotic’s Liquid Lane is built around an onchain request-for-quote marketplace. In practice, eligible holders submit redemption requests that market makers can respond to via RFQs. Instead of market makers needing to rely solely on pre-positioned inventory, Liquid Lane allows participating liquidity providers to access liquidity stored in vaults to meet those redemptions.

Once a market maker acquires the fund tokens through the RFQ settlement, it can then obtain the underlying redemption through the issuer or route the position again through a separate RFQ transaction. Centrifuge’s stated objective for the integration is to provide USDC to investors immediately, while letting the funds complete their normal redemption process on their own schedule.

Funds onboarded: JAAA, JTRSY, and HYB

The Symbiotic route is being applied across three Centrifuge-issued tokenized funds.

Janus Henderson’s JAAA targets collateralized loan obligation exposure with an AAA rating. Its JTRSY strategy focuses on short-duration US Treasuries. New York Life Investment Management’s HYB offers exposure to US high-yield corporate bonds.

For investors, the practical significance is breadth: the Liquidity Lane route spans different credit profiles and duration characteristics. That matters in tokenized fund markets where demand for liquidity can vary by asset type, and where some participants treat tokenized funds as either yield products or as components in onchain collateral and financing workflows.

Not the first route—an emphasis on capital economics

Liquid Lane is not Centrifuge’s first liquidity pathway. Felix Lutsch, Symbiotic’s head of ecosystem, told Cointelegraph that the company is not trying to claim exclusivity as an early provider of instant redemption functionality.

“We’re not claiming to be first, and other liquidity routes exist. That’s healthy for the market,” Lutsch said.

Earlier in 2025, Centrifuge announced a partnership with Wintermute to provide 24/7 instant redemptions for JTRSY. HYB also launched in June with a separate liquidity arrangement aimed at near-instant redemptions.

Where Lutsch said Liquid Lane differs is in the underlying capital structure that supports redemption transactions, not simply the speed of settlement. He described a marketplace design that allows multiple market makers and curators to participate without forcing each market maker to pre-fund and carry inventory for particular assets. In Lutsch’s view, that approach targets a core market issue: low tokenized-asset trading volumes have historically reduced incentives for liquidity providers to commit capital.

“The bigger constraint has been flow,” Lutsch said, pointing to the challenge of building consistent redemption demand in tokenized markets.

Why aggregating redemption demand could matter

Lutsch argued that pooling redemption demand across issuers and asset classes can improve liquidity economics—particularly as tokenized funds increasingly show up as collateral and financing assets in onchain markets.

That framing connects today’s integration work to a broader shift in how tokenized fund products are being used. When tokenized funds move beyond standalone investment wrappers and start serving as building blocks for onchain lending, collateral management, and other structured finance use cases, liquidity tends to become less about one-off redemptions and more about dependable throughput under changing market conditions.

In that context, additional liquidity routes are not just incremental product features. They can reduce friction for holders who need to exit positions quickly and can help liquidity providers manage exposure more efficiently when they can participate through a shared marketplace rather than relying on dedicated inventory for each asset.

How big is the push within Centrifuge?

Janus Henderson has been a major contributor to Centrifuge’s growth. Cointelegraph previously reported that Janus Henderson’s JAAA and JTRSY products supported Centrifuge surpassing $1 billion in total value locked, according to institutional demand coverage from that earlier period.

More broadly, Token Terminal data cited in the source article indicated that by December 2025 Centrifuge had attracted about $1.3 billion in new inflows, driven primarily by Janus Henderson’s two funds. JAAA alone contributed about $1 billion in total value locked and was described as one of the largest tokenized funds in the market.

With Liquid Lane now added across JAAA, JTRSY, and HYB, the integration effectively targets three substantial strategies within Centrifuge’s ecosystem, rather than testing a liquidity route on smaller holdings.

What to watch next

As Centrifuge expands liquidity routes through Symbiotic and other counterparties, investors should watch whether USDC settlement-through-RFQ becomes consistently used as redemption volume grows, and whether market makers’ participation broadens beyond a small set of active liquidity providers in tokenized funds.