Centrifuge and Pharos Collaborate to Advance On-Chain Distribution Infrastructure for Institutional Assets

marsbitPublished on 2026-02-17Last updated on 2026-02-17

Abstract

Centrifuge and Pharos have announced a collaboration to build shared on-chain infrastructure for the scalable distribution and operation of institutional-grade assets, including tokenized U.S. Treasuries (JTRSY) and AAA-rated structured credit products (JAAA). The partnership addresses a core challenge in institutional onchain finance: distribution. While tokenization has advanced significantly, many institutional assets remain siloed, inaccessible, or become inactive after issuance. A key issue is that access to dollar-denominated products like credit and Treasuries remains restricted in many markets outside the U.S. and Western Europe due to regulatory, operational, and custodial barriers. Even when tokenized, these assets are often distributed in a fragmented way, limiting their reach and usability within active on-chain financial systems. By integrating Centrifuge’s institutional tokenization infrastructure with Pharos’s “inclusive, execution-first” Layer 1 blockchain, the partnership aims to create a unified environment for asset distribution, liquidity, and continuous on-chain operation. Pharos will serve as a strategic liquidity and distribution layer for assets originated through Centrifuge, enabling deeper liquidity pathways and broader capital access. Centrifuge Labs CEO Bhaji Illuminati emphasized that “tokenization alone doesn’t solve accessibility and usability,” underscoring the need for distribution infrastructure. Pharos CEO Wish Wu noted that “the challeng...

February 17, 2026 - Centrifuge and Pharos announced today a collaboration aimed at enabling institutional-grade assets, including tokenized U.S. Treasury bonds (JTRSY) and AAA-rated structured credit products (JAAA), to achieve scaled distribution and operation on-chain through a shared infrastructure framework.

This collaboration focuses on addressing a key challenge in institutional onchain finance: distribution. Although significant progress has been made in asset tokenization, a large number of institutional assets remain difficult to access, fragmented across different platforms, or become "static assets" after issuance, lacking continuous use cases. This collaboration aims to ensure that institutional assets do not merely stop at on-chain issuance but remain continuously usable within a functioning, real on-chain financial system.

In many markets outside the U.S. and Western Europe, access to dollar-denominated credit and treasury products still faces regulatory, account registration, custody, and operational hurdles. Even when these products are tokenized, their distribution often remains indirect and fragmented, limiting their ability to reach new participants and their potential for active deployment and use after being brought on-chain.

By combining Centrifuge's institutional-grade tokenization infrastructure and asset standards with Pharos's "inclusive, execution-first" Layer 1, this collaboration addresses these challenges at a systemic level. Pharos will serve as a strategic liquidity and distribution layer for assets issued through Centrifuge, providing high-performance infrastructure and ecosystem connectivity to facilitate broader capital inflow and create deeper on-chain liquidity pathways. This integrated environment covers wallet access, platform and enterprise channels, and execution capabilities, enabling assets to be accessed, aggregated, allocated, and reused, rather than remaining idle long after issuance.

Bhaji Illuminati, CEO of Centrifuge Labs, stated: "Tokenization alone does not solve the problems of accessibility and usability. The focus of this collaboration is to build the distribution and infrastructure layers that allow institutional assets to function within a real on-chain financial environment."

Pharos is positioned as an inclusive financial Layer 1, supporting high-throughput real-world financial workflows through native deep parallel execution and a modular architecture. The network is designed to host large-scale institutional asset activities and enable continuous on-chain operations.

Wish Wu, CEO of Pharos, stated: "The challenge is not demand, but infrastructure. This collaboration focuses on creating an environment where institutional assets can migrate on-chain and remain active within an open, composable financial system."

This collaboration is an early step towards "operational onchain finance": institutional assets are not only mapped onto the chain but are also supported by infrastructure designed for distribution, execution, and long-term engagement.

Pharos Network

Pharos is an inclusive financial Layer 1 for RealFi, where real value and institutional-grade assets can circulate on-chain and achieve composability with decentralized assets, thereby becoming the next generation of financial-grade infrastructure for the global economy. Pharos combines a modular architecture, deep parallel execution, and built-in compliance capabilities to drive the development of an "asset-native" ecosystem. The project is built by a management and engineering team from Ant Group and is backed by Hack VC, Faction VC, and other global traditional finance (TradFi) investors.

Official website: https://www.pharos.xyz/

Related Questions

QWhat is the main goal of the collaboration between Centrifuge and Pharos?

AThe main goal is to enable scalable distribution and operation of institutional-grade assets, such as tokenized U.S. Treasuries (JTRSY) and AAA-rated structured credit products (JAAA), on-chain through a shared infrastructure framework.

QWhat key challenge in institutional onchain finance does this partnership aim to address?

AThe partnership aims to address the challenge of distribution, ensuring that institutional assets are not just tokenized but remain actively usable within a functioning onchain financial system.

QHow does Pharos contribute to this collaboration?

APharos serves as a strategic liquidity and distribution layer for assets issued through Centrifuge, providing high-performance infrastructure and ecosystem connectivity to facilitate broader capital access and deeper onchain liquidity pathways.

QWhat is Pharos Network's primary focus as a Layer 1 blockchain?

APharos is an inclusive financial Layer 1 for RealFi, designed to enable the circulation of real-world and institutional-grade assets on-chain with composability with decentralized assets, featuring modular architecture, deep parallel execution, and built-in compliance capabilities.

QAccording to the CEOs, what is the broader vision behind this partnership?

AThe broader vision is to move towards 'operational onchain finance,' where institutional assets are not only tokenized but are actively supported by infrastructure designed for distribution, execution, and long-term engagement in an open, composable financial system.

Related Reads

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

Coldcard hardware wallet users are facing a new wave of coordinated attacks targeting a firmware flaw, with researcher Alex Thorn flagging 218 recent transactions moving approximately 389 Bitcoin from potentially impacted addresses. The attack pattern shows a high rate of transactions targeting unique victim addresses, differing from previous waves. The vulnerability, which causes affected devices to generate weaker wallet seeds, is estimated to have impacted over 1,100 wallets, leading to around $90 million in Bitcoin stolen. Thorn advises affected users who control their keys may attempt to move funds with a higher-fee transaction before the attacker's transactions are confirmed.

cointelegraph5m ago

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

cointelegraph5m ago

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

Bitcoin miners are capitulating as evidenced by a sustained drop in network hash rate and a record-steep 19.9% decline in mining difficulty, signaling the shuttering of unprofitable machines. However, in a significant divergence from historical patterns, the stocks of publicly traded mining companies have soared, with one major player gaining over 430% in the past year, even as BTC's price fell roughly 46%. This surge is largely attributed to these companies pivoting toward the more lucrative AI narrative. Simultaneously, miners face a structural squeeze. Daily block reward revenue in BTC terms has hit a new all-time low following the latest halving, with current dollar-denominated daily revenue around $30 million compared to a longer-term average of ~$40 million. Fee revenue remains negligible, covering less than one block's subsidy over a 28-day average and accounting for only about ten minutes of the network's daily security budget. This capitulation cycle is unique: miner stress and crypto price weakness have decoupled due to alternative revenue streams (AI), while the long-term reliance on increasing bitcoin prices to offset shrinking subsidies continues, with fee income still far from filling the impending gap.

marsbit8m ago

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

marsbit8m ago

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

The market's expectation for a September Fed rate hike surged dramatically in early August, jumping from under 50% to over 80% within a week. This shift followed a contentious July FOMC meeting, where a 9-3 vote to hold rates revealed growing dissent from hawkish members advocating for an immediate hike to combat persistent inflation. The primary catalyst for this repricing is rising oil prices, driven by renewed geopolitical tensions around the Strait of Hormuz, which threaten global supply. Energy costs directly influence inflation metrics, making the upcoming July CPI report (due August 12th) a critical data point. If it shows inflation reaccelerating, the probability of a September hike will solidify. For Bitcoin and crypto assets, this is typically bearish news. Bitcoin continues to behave as a high-beta, liquidity-sensitive risk asset. A rate hike raises the opportunity cost of holding non-yielding assets and could drive capital toward money markets, pressuring crypto prices in the short term. However, historical patterns suggest that if a hike is perceived as the end of a tightening cycle rather than the start, any negative price impact may be brief. U.S. stocks, particularly crypto-linked equities like Coinbase and growth-oriented tech stocks, are also vulnerable. Higher rates increase discount rates in valuation models, putting pressure on high-multiple companies. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditure to tangible revenue and cash flow generation. Companies with negative cash flow and weak growth narratives could face heightened volatility if borrowing costs rise in September. In summary, a September Fed hike has evolved into a mainstream market scenario. Key factors to watch are oil prices, the July CPI report, and Fed communications, which will determine the final decision and its impact on volatile crypto and equity markets.

marsbit8m ago

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

marsbit8m ago

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

Summary: The United States, Japan, and South Korea executed their largest coordinated foreign exchange intervention in nearly 30 years. The action targeted depreciation pressure on the Japanese yen and South Korean won. This move is seen as a significant effort by the US to stabilize the financial markets of its key allies and prevent the spillover of risks. Key details: * Japan reportedly intervened on July 30 using approximately 8.45 trillion yen (about $52.8 billion). South Korean authorities also intervened that day, selling dollars to support the won. * Notably, the US Treasury Department intervened directly in yen markets for the first time in roughly 30 years. The New York Fed, reportedly acting on behalf of the Treasury, sold euros to buy yen via Goldman Sachs and Morgan Stanley on July 31. Analysts view the use of the euro-yen pair as a way to alleviate yen pressure without adding selling pressure to the US dollar. * Prior to the action, the New York Fed conducted "rate checks" on both USD/JPY and EUR/JPY, a newer signaling tool that falls between verbal and physical intervention. The intervention is interpreted as going beyond traditional currency stabilization. Analysts, such as Michael Hartnett of Bank of America, suggest it resembles a "Price Keeping Operation" for the AI era. The core US objectives are perceived to be: 1. Preventing rapid yen depreciation from triggering a sharp rise in Japanese government bond yields. 2. Containing financial stress from spreading across Asian markets like South Korea and Japan. 3. Reducing the risk of disorderly capital flows impacting the US bond market. This coordinated action underscores the importance of Japan and South Korea as critical partners in the US semiconductor and AI supply chain. Stabilizing their financial markets is seen as vital to mitigating risks to the broader tech industry and the US market itself. The intervention coincides with market pressures, including the KOSDAQ index hitting a low since October 2022. While seen as a move to control volatility, some analysts caution it may not fundamentally reverse existing market trends.

marsbit12m ago

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

marsbit12m ago

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

In early August 2024, market expectations for a September Federal Reserve rate hike surged dramatically, from below 50% to over 80%, driven by renewed inflation concerns. This shift followed a contentious July FOMC meeting where a 9-3 vote to hold rates revealed a growing hawkish faction advocating for an immediate hike, citing prolonged above-target inflation. The key catalyst is escalating conflict near the Strait of Hormuz, which has pushed oil prices up approximately 20% in July, threatening to reignite inflation. The next critical data point is the July CPI report on August 12th; a hot reading could solidify hike expectations. For crypto assets, particularly Bitcoin, this represents near-term pressure. Bitcoin continues to exhibit high-beta, risk-on characteristics, making it sensitive to tightening liquidity and higher opportunity costs. However, historical precedent suggests that if a hike is perceived as the cycle's end rather than its start, the negative impact may be brief, with markets quickly pivoting to anticipate future rate cuts. U.S. stocks, especially crypto-linked equities like Coinbase and high-valuation tech stocks, face amplified volatility. Higher rates increase discount rates in valuation models, pressuring growth stocks. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditures to demonstrable revenue and cash flow generation. Companies with negative cash flows and weak growth narratives could see severe pressure if a September hike materializes, as financing costs would rise. Key indicators to watch include oil prices, upcoming inflation data, and Fed commentary at events like the Jackson Hole symposium.

Odaily星球日报12m ago

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

Odaily星球日报12m ago

Trading

Spot
活动图片