Centrifuge, an onchain asset tokenization platform, is preparing to publish a comparative analysis of tokenized US Treasury funds. The tokenized fund market is projected to reach $14.2 billion in onchain assets under management by mid-2026, up from $1.7 billion in June 2024, representing approximately 8x growth. Although these products share similar underlying assets and yields, they diverge significantly in fee structures, redemption terms, and DeFi interoperability. The Janus Henderson Anemoy Treasury Fund (JTRSY) has crossed $1 billion in AUM in 2026, while Pantera’s analysis estimates only 12% of tokenized assets achieve meaningful composability with DeFi protocols. Regulatory classification emerges as the key structural factor: tokenized money market funds are classified as securities subject to transfer restrictions and KYC requirements, whereas stablecoins operate outside this framework.
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