How Centrifuge brought the S&P 500® onchain
$1B
Total value locked
Total value locked across Centrifuge, per centrifuge.io as of August 2026.$118M
Q2 deSPXA trading volume
Cumulative deSPXA trading volume for Q2 2026, per Centrifuge (Dune).24/7
Trading access
Centrifuge brought S&P 500 exposure to Base, giving eligible non-US investors new ways to trade and borrow against it. Working with S&P Dow Jones Indices and Janus Henderson, it launched SPXA, the first licensed S&P 500 index fund token, built onchain from day one.
A fund needs a market
SPXA pairs a recognized benchmark with Centrifuge’s tokenization infrastructure. Launching a fund is like opening a shop: having the product is only the start. Centrifuge needed users, distribution, and applications that give investors more ways to use their holdings.
Why Base
Base brought together a community of users and developers ready to build around the product, and Coinbase’s institutional relationships and consumer reach added distribution potential. Coinbase went further, naming Centrifuge a Preferred Tokenization Infrastructure and making a strategic investment in the company. Integration and adoption were part of the product strategy from the start, giving Centrifuge an ecosystem of partners to work with as it built a market for the fund.
SPXA is the issuer-sponsored fund token, designed for investors accessing the fund directly. deSPXA is its freely transferable onchain representation, giving eligible investors exposure to the same underlying fund while making that exposure usable across DeFi. Having both allows the fund to retain the controls required at the issuer level while extending into open onchain markets for trading, lending, and other applications.
“Being selected by Coinbase as a Preferred Tokenization Infrastructure connects the infrastructure we’ve built at Centrifuge with one of the largest ecosystems for bringing those products to market.”
Bhaji Illuminati
CEO, Centrifuge
What this enables
Through deSPXA, eligible non-US investors can hold, transfer, and trade S&P 500 exposure around the clock, subject to applicable restrictions. Trading integrations include Uniswap and Aerodrome on Base. Investors can also post deSPXA as collateral to borrow USDC on Morpho, with liquidity from vaults curated by Steakhouse Financial and Clearstar, accessing capital without first selling their exposure. For asset managers, this shows how an established investment strategy can connect with onchain trading and lending.
Exploring an onchain fund?
Talk to Base about the infrastructure, integrations, and ecosystem partners that could support your launch.
Total value locked per centrifuge.io as of August 2026. Trading volume is cumulative deSPXA volume for Q2 2026, per Centrifuge (Dune). Borrowing availability is subject to eligibility restrictions.
S&P®, S&P 500®, SPX® and SPY® are trademarks of S&P Global Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Funds based on the S&P 500 are not sponsored or sold by S&P DJI, Dow Jones, S&P, or their affiliates, and none of such parties make any representation regarding the advisability of investing in such token, nor have liability for any errors, omissions, or interruptions of the index. deSPXA is available only to eligible persons outside the United States.
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