> ## Documentation Index > Fetch the complete documentation index at: https://docs.passage.coinlist.co/llms.txt > Use this file to discover all available pages before exploring further. # Centrifuge > Tokenized institutional funds from managers such as Janus Henderson and New York Life Investment Management, issued as DeFi-ready deRWA tokens. Centrifuge funds are only available to non-US investors. Centrifuge adds funds over time, so treat the Passage offer catalog as the source of truth rather than a fixed list. Each Centrifuge fund is one offer with `type: "centrifuge::vault"`. ## What it is Centrifuge is an onchain asset management and tokenization platform. It brings funds from established managers onchain and issues them as **deRWA tokens**: ERC-20 tokens that carry a fund's economic exposure and are built to move around DeFi. A deRWA token's symbol is `de` followed by the fund's ticker. | Token | Fund | What it holds | | - | - | - | | `deJTRSY` | Janus Henderson Anemoy Treasury Fund | Short-term US Treasury bills | | `deJAAA` | Janus Henderson Anemoy AAA CLO Fund | AAA-rated collateralized loan obligations | | `deHYB` | NYLIM Anemoy US High Yield Corporate Bond Fund | US high yield corporate bonds | Passage supports Centrifuge funds on Ethereum. Each offer lists the chains it is live on, so read them from the offer rather than from this page. ## Ownership model Wrapped exposure. A deRWA token wraps shares in the underlying fund. Your users get the fund's returns, but they are not registered shareholders of the fund itself. The Janus Henderson Anemoy funds are BVI professional funds, run through Anemoy Capital SPC. The New York Life Investment Management (NYLIM) fund is a BVI segregated portfolio offered to non-US investors under Regulation S. Each fund holds the underlying Treasuries, CLOs, or corporate bonds, and Centrifuge issues the deRWA token against fund shares. That makes Centrifuge closer to [Ondo](https://docs.passage.coinlist.co/assets/partners/ondo.md) than to [Superstate](https://docs.passage.coinlist.co/assets/partners/superstate.md): exposure to the asset rather than title to it. ## How users buy Through a request that the fund fills later, the way a mutual fund works off-chain. An order placed in a mutual fund during the day is not filled at once at a market price. It waits for the fund's next dealing point, and every order in that batch is filled at the price the fund calculates then. A Centrifuge fund works the same way, which is the biggest difference from Ondo and Superstate, where tokens and stablecoins settle in a single transaction. **1. Request** The user deposits USDC. Their USDC leaves the wallet and joins the fund's queue. **2. Fill** The fund fills the queue on its dealing schedule, at the price it sets then. A fill can be partial. See [Fund schedules](#fund-schedules). **3. Claim** The user claims, and the deRWA tokens arrive in their wallet. Selling runs the same way in reverse: the user requests a redemption with their tokens, the fund fills it, and the user claims USDC. Passage builds both the request and the claim screens. See [Centrifuge Funds](https://docs.passage.coinlist.co/sdk/centrifuge-funds.md) for the developer flow. Every request and every claim goes through a CoinList contract that only accepts transactions Passage has signed for that wallet. ## Fund schedules Each fund fills requests on its own schedule. The times below are typical, not guaranteed, and a large request can be filled in parts. | Fund | Token | Dealing | Typical time to fill | Management fee | | - | - | - | - | - | | Janus Henderson Anemoy Treasury Fund | `deJTRSY` | Every US business day | Next US business day, and no more than 7 | 0.25% a year | | Janus Henderson Anemoy AAA CLO Fund | `deJAAA` | Every US business day | 3 US business days | 0.40% a year | | NYLIM Anemoy US High Yield Corporate Bond Fund | `deHYB` | Every US business day | 3 US business days, and no more than 5 | To be confirmed | CoinList charges a 0.5% fee on deposits into every Centrifuge fund, taken out of the deposit rather than added on top. Redemptions and claims carry no CoinList fee. Users can place a request at any time, including weekends and US market holidays. A request placed outside a dealing day waits for the next one. ## How users qualify Passage gives users two ways into a Centrifuge fund. You choose one with your Passage representative, based on your business model and the compliance tools you already run. * **With KYC.** Users complete KYC and the offer's eligibility checks through Passage before their first deposit. * **Without KYC.** For partners who already limit access to eligible users with their own controls, such as their own onboarding or geographic restrictions. Users do not complete KYC through Passage. In both cases Passage screens every wallet before it builds a request or a claim, and the restricted jurisdictions below apply. ## Restricted jurisdictions Every Centrifuge fund is unavailable to users in the following jurisdictions. Each Ukrainian region is restricted in full, not only its occupied areas. | Restriction | Jurisdictions | | - | - | | United States | The United States and its territories | | Countries | Afghanistan, Belarus, Central African Republic, Cuba, Democratic Republic of the Congo, Guinea-Bissau, Haiti, Iran, Iraq, Libya, Mali, Myanmar, Nicaragua, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, Zimbabwe | | Regions of Ukraine | Crimea, Donetsk (DNR), Kherson, Luhansk (LNR), Zaporizhzhia | The Crimea restriction covers Alupka, Alushta, Armiansk, Bakhchysarai, Bilohirsk, Dzhankoi, Feodosia, Inkerman, Kerch, Krasnoperekopsk, Saky, Sevastopol, Shcholkine, Simferopol, Staryi Krym, Sudak, Yalta, and Yevpatoria. ## What users can do with it Hold it for yield, which shows up as a rising token price. Sell it back to the fund for USDC through the same request-and-claim flow. Use it in DeFi: Centrifuge's tokens already integrate with protocols such as Sky, Aave, and Morpho. Centrifuge powers [tokenized funds and yield](https://docs.passage.coinlist.co/use-cases/tokenized-assets.md) and [lending pools and vaults](https://docs.passage.coinlist.co/use-cases/lending-pools-vaults.md). ## FAQ > **What does my user actually own?** > > A deRWA token issued by Centrifuge, which wraps shares in a fund. That is economic exposure to the fund's assets, not direct ownership of them, and not a registered holding in the fund itself. > **Do my users need to complete KYC?** > > Not with Centrifuge directly. Where KYC is required, Passage covers it, with no separate Centrifuge or fund onboarding. Depending on how you integrate, users either complete KYC through Passage or qualify through your own access controls. See [How users qualify](#how-users-qualify). > **Which jurisdictions?** > > Centrifuge funds are not available in the United States and its territories, 22 other countries, or 5 regions of Ukraine. The full list is under [Restricted jurisdictions](#restricted-jurisdictions). > **How does a user buy?** > > They place a deposit request in USDC, wait for the fund to fill it, and then claim their tokens. That is two transactions, with a wait in between. Purchases can only be made in USDC. > **How long does it take?** > > It depends on the fund. See [Fund schedules](#fund-schedules) for each fund's dealing days and typical time to fill. A large request can be filled in parts. The user can see what is still pending and what is ready to claim at any time. > **Can a user cancel a request?** > > No. Once placed, a request waits in the queue until the fund fills it. > **Are there order maximums or minimums?** > > Every fund has a minimum of 1,000 USDC into the fund, so with the 0.5% CoinList fee the smallest deposit is 1,005 USDC. The offer details show the current minimum. Redemptions are limited only by what the wallet holds. > **Can a user sell?** > > Yes. Selling is a redemption request that the fund fills later, paid out in USDC when the user claims. It is not an instant swap. > **Does the token pay distributions?** > > No cash is distributed. The fund's return goes into the token's price instead, so each token is worth more USDC over time. When a user redeems, the claim pays out at the price on the fill date, so it returns more USDC than the user put in, less any fall in the fund's value. > > To show yield, show the value of the user's tokens at the current token price, and the change in that price since they bought. > **Are the tokens transferable?** > > Yes. deRWA tokens move freely between wallets and into DeFi. A user can also sell them on DeFi protocols that support them, but liquidity there can be limited, so the price may be worse than redeeming with the fund. > > Requesting or redeeming with the fund through Passage still needs a wallet that qualifies for the offer. A user who picked up tokens on a secondary market can only redeem them through Passage if they qualify. > **Can these assets be used in DeFi?** > > Yes. Centrifuge's tokens are integrated with protocols including Sky, Aave, and Morpho. Liquidity varies by protocol and chain. > **Do my users get tax documents?** > > No. Your users will not get tax documents from Passage or Centrifuge related to their deposits, redemptions, or any change in the token's value. > **Why would a transaction fail?** > > The usual causes are an incomplete requirement, too little USDC or too few tokens, or a fund that has paused new deposits or redemptions. A pause never blocks a claim: anything already filled can always be claimed. A request or claim that sat too long before being sent also needs to be placed again. > **What if I end the integration?** > > Users keep and control the tokens they have already claimed. A claim needs a Passage signature, so contact your Passage representative before you end the integration to agree how users collect anything still pending or ready to claim. ## Build it > **[Centrifuge Funds](https://docs.passage.coinlist.co/sdk/centrifuge-funds.md)** > > Deposit, redeem, and claim with `CheckoutContainer` and `ClaimContainer`. > **[Fixed income](https://docs.passage.coinlist.co/assets/fixed-income.md)** > > Every tokenized Treasury and credit asset in the catalog, with ticker and issuer. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.