RWA market cap$38.7B0.3%
Stablecoin market cap$294.9B0.2%
US Treasury Debt$14.8B0.9%
Commodities$5.1B4.0%
Active Strategies$4.1B0.1%
Stocks$3.2B2.1%
Asset-Backed Credit$2.8B4.4%
Specialty Finance$2.7B1.1%
Corporate Credit$1.7B0.8%
Private Equity$1.3B1.4%
Venture Capital$1.0B0.1%
non-US Government Debt$947M8.8%
Diversified Credit$807M4.5%
Real Estate$227M0.1%
Municipal Credit$32285.4%
RWA market cap$38.7B0.3%
Stablecoin market cap$294.9B0.2%
US Treasury Debt$14.8B0.9%
Commodities$5.1B4.0%
Active Strategies$4.1B0.1%
Stocks$3.2B2.1%
Asset-Backed Credit$2.8B4.4%
Specialty Finance$2.7B1.1%
Corporate Credit$1.7B0.8%
Private Equity$1.3B1.4%
Venture Capital$1.0B0.1%
non-US Government Debt$947M8.8%
Diversified Credit$807M4.5%
Real Estate$227M0.1%
Municipal Credit$32285.4%
TAC Research · Token to Equity

Who graduates next?

Centrifuge just received governance approval to convert its token into tokenized equity. Think you know who's next?

Name a project

Read how Centrifuge did it: the token-to-equity playbook

98.5%
Of CFG votes cast in favor of conversion
5.6x
The previous turnout record for a Centrifuge vote
1st
Governance-approved token-to-tokenized-equity conversion
The threshold question

When should a token become equity?

When the token stops being an asset and becomes a tax on the business. As institutions move onchain, deals get lost or scoped down because the token is in the room.

Converting into tokenized equity fixes that. Holders own the actual business, and institutions can finally buy in.

The endgame

Capital markets at crypto speed

Network tokens doing network jobs, and real equity, issued onchain, plugged into DeFi. Converting is the first step.

The template

How Centrifuge did it

We walked through the whole transaction on The First Trillion.

  1. 01

    Learn the rules of the game

    Governance mechanics, holder distribution, and every contract the deal touches. A playbook that gets it done without blowing up material relationships along the way.

  2. 02

    Put it to the community

    Every question tracked across the forum, X, and the press, clustered, and answered in weekly FAQ releases.

  3. 03

    Vote

    98.5% in favor, with turnout 5.6 times the previous record for any Centrifuge vote.

  4. 04

    Convert

    Eligibility checks, then an exchange for a natively onchain share class. Months of legal, tax, regulatory, and smart contract work behind one simple flow.

Learn more here
The list

Is your project on it?

We found 25+ projects ready to graduate. Name one and we'll send you a report.

Requests go to TAC and Tesseract Advisory. We'll also subscribe you to the Progress Bar, TAC's weekly newsletter. Unsubscribe anytime.

Analysis by Tesseract Advisory. Johnny Reinsch, Executive Director of TAC, advised Centrifuge on its conversion. Nothing here is an offer of securities or legal, tax, or investment advice. Back to the Research Hub.

Name a project