Centrifuge: Fund Value Down 40% While Fees Rise; Alea Research: Securing New Capital Is Key

Centrifuge (CFG) reported a 2.8% quarter-over-quarter increase in fund fee revenue to $1.35 million for Q3 2026, despite a 9% decline in average assets under management, according to an Oct. 27 report by Alea Research. The divergence reflects a higher share of credit products, which carry higher fee rates than short-term U.S. Treasuries, in the tokenization infrastructure's fund lineup. However, large investors withdrew capital late in the quarter, driving a 40% drop in fund value at quarter-end. Centrifuge enables asset managers to register funds on-chain and distribute them across 12 blockchains, with key products including the short-term Treasury fund JTRSY and AAA-rated credit offerings. The report flags new capital inflows as the critical factor for restoring the platform's revenue base, making institutional participation and fund value stabilization the key metrics to watch in coming quarters.