TLDR:
- Centrifuge launches deSPXA on Base, giving non-US users 24/7 tokenized S&P 500 index fund exposure.
- deSPXA is built under S&P Dow Jones Indices license and managed by institutional giant Janus Henderson.
- The deRWA framework lets tokenized assets interact natively with DeFi protocols across multiple platforms.
- Valinor raises $25M in a seed round led by Castle Island Ventures to build blockchain-native credit markets.
deSPXA is now live on Base, marking a structural shift in tokenized real-world assets. Centrifuge, the leading tokenization platform, launched the product to give non-US users exposure to the Anemoy S&P 500 Index Fund.
Built under license from S&P Dow Jones Indices and managed by Janus Henderson, deSPXA becomes the first equity index fund product tradeable continuously on a public blockchain, opening new pathways for decentralized finance participants worldwide.
Centrifuge Introduces the deRWA Framework for Open DeFi Access
The launch of deSPXA comes through Centrifuge’s new deRWA, or decentralized real-world asset, framework. This infrastructure allows institutional-quality assets to be issued with compliance controls at issuance.
Asset managers retain oversight while investors gain continuous access across DeFi protocols. The framework addresses a long-standing gap in the tokenized asset space.
Unlike typical tokenized products, deSPXA can be minted and redeemed at net asset value by non-US Authorized Participants. This mechanism closely mirrors how traditional exchange-traded funds operate in conventional markets.
The product is live on Base, a neutral and permissionless blockchain that supports broad access. Centrifuge V3 serves as the underlying infrastructure, with Chronicle providing real-time, verifiable pricing data.
Around the same time, Valinor announced its $25 million seed round on X, further showing momentum in blockchain-based capital markets.
The post confirmed Castle Island Ventures led the round, with participation from TeraWulf’s Paul Prager and Nazar Khan, Maven11 Capital, Susquehanna Crypto, Paxos, and others.
Valinor described itself as “purpose-built to power a new era for credit markets,” which it terms Open Credit. The announcement signals growing investor confidence in blockchain infrastructure for lending and borrowing.
Anil Sood, Chief Strategy Officer of Centrifuge Labs, spoke directly to the importance of speed and compliance working together. “Real-world assets that can move at the speed of crypto assets are the unlock that this market has been waiting for,” Sood said.
He added that the team spent years building the right compliance architecture and distribution for this moment. For Sood, deSPXA on Base is “the moment that changes who can hold, use, and benefit from tokenized assets onchain.”
Valinor’s $25M Raise Points to a Broader Shift in Credit Markets
Valinor’s seed round drew participation from a wide range of established names in crypto and fintech. Neoclassic Capital, The Fintech Fund, Dept VC, 57Blocks Capital, and BSQ Capital all joined the raise alongside the lead investor.
The breadth of backers reflects how seriously the market is taking blockchain-native credit infrastructure. Open Credit, as Valinor defines it, aims to expand access while improving outcomes for both borrowers and lenders.
Cameron Drinkwater, Chief Product Officer of S&P Dow Jones Indices, spoke to the vision behind the deSPXA collaboration. “Our ambition for the S&P 500 has always been to expand use cases and liquidity while maintaining the foundational transparency and quality that is synonymous with the index,” Drinkwater said.
He confirmed the firm is thrilled to collaborate with Centrifuge to license the S&P 500 for SPXA, now available on Base as deSPXA.
The partnership brings together trusted benchmark data, institutional asset management, and Centrifuge’s tokenization infrastructure.
Bhaji Illuminati, CEO of Centrifuge Labs, framed the launch within a broader industry progression. “Tokenization was never the end goal,” Illuminati said.
“The real opportunity is moving up the stack, building new primitives onchain, integrating with DeFi, and opening new distribution pathways.”
He added that this approach compresses the distance between assets and investors while bringing innovative financial products to market.
The broader tokenized asset market has now crossed $25 billion in total value. However, most of those assets remain locked in permissioned environments with limited DeFi interoperability.
Holders of deSPXA will be able to borrow on Morpho, short on Euler, trade on Aerodrome and Definitive, and earn through Multipli RWAusd.
LayerZero will support future multichain expansion, and Keyrock will handle market-making services across the ecosystem.
