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FollowingCentrfuge has integrated Symbiotic's liquidity network into three tokenized funds that manage total assets of approximately US$1.6 billion. Eligible holders thus gained a new way to convert their positions into USDC.
The integration includes Janus Henderson's JAAA (an AAA rated mortgage voucher strategy), JTRSY (a short-term U.S. Treasury strategy), and New York Life Investment Management's HYB (a U.S. high-yield U.S. corporate bond strategy).
Symbiotic's Liquid Lane uses an on-chain inquiry (RFC) market model, from which market makers can withdraw liquidity from a pool of funds to satisfy redemption requests. The market maker can then redeem the purchased fund tokens through the issuer or sell them through another RFC transaction.
This arrangement allows investors to receive USDC immediately, while the normal redemption process for the fund itself can proceed separately.
Centrifuge is an asset tokenization and fund pool platform on which asset managers can issue and manage tokenized funds. Global asset manager Janus Henderson manages approximately US$500 billion in assets, and its JAAA and JTRSY products have made important contributions to the platform's growth.
As of December 2025, Centrifuge has attracted approximately US$1.3 billion in new capital inflows, mainly from the above-mentioned two Janus Henderson funds. According to Token Terminal data, JAAA alone contributed approximately US$1 billion in total lock-in value and became one of the largest tokenized funds on the market.
Symbiotic joins existing liquidity channels
Felix Lutsch, head of the Symbiotic ecosystem, said that Liquid Lane is not the first liquidity channel available to Centrfuge tokenized funds. "We don't claim to be the first," he said."There are other liquidity channels in the market, which is healthy for the market."
Centrfuge announced in February 2025 a partnership with Wintermute to provide JTRSY with round-the-clock instant redemption service. HYB went online in June and is equipped with a separate liquidity arrangement to achieve near-instant redemption.
Lutsch points out that the difference between Liquid Lane is the capital structure behind the transaction, not the speed of the transaction. Its market allows multiple market makers and portfolio managers to participate, without market makers having to pre-fund a single asset and hold inventory.
"The bigger constraint has always been liquidity," Lutsch added. Historical data shows that the trading volume of tokenized assets is low, resulting in a lack of motivation for market makers to invest capital. He said that as tokenized funds are increasingly used as collateral and financing assets in on-chain markets, aggregating redemption needs from different issuers and asset classes is expected to improve this economic situation.
