Coinbase Backs Centrifuge to Tokenize the S&P 500

Coinbase has taken an equity stake in Centrifuge and named it its preferred infrastructure for tokenizing real assets on its Base network. The proof of concept is a tokenized S&P 500 fund called deSPXA, which trades 24/7 and settles like a stablecoin.

The fund was built by Centrifuge and Janus Henderson under license from S&P Dow Jones Indices, and it has been live on Coinbase's Base network since September 25, 2025. The underlying equities sit offchain in conventional custody, while the claim on that fund is tokenized as an ERC-20 token called deSPXA.

Centrifuge has already integrated its products into Compass Labs' API and SDK, allowing developers to assemble transactions involving S&P 500 exposure through natural-language calls. This marks a significant step towards making the S&P 500 trade like crypto, with no human involvement required.