Centrifuge (CFG) Passes CP172 Vote: Will It Become the RWA Token of the Future?

Centrifuge has once again attracted attention in the crypto RWA market after the Centrifuge CP172 proposal passed the community vote. 

The proposal introduces a major change by paving the way for CFG token holders to convert their holdings into tokenized equity in Centrifuge, Inc.

The plan uses a 1:1 ratio, meaning one CFG can be used to subscribe to one share. 

However, the process will not take effect automatically. Board approval, corporate entity restructuring, legal requirements, and eligibility conditions still need to be completed first.

The change is particularly interesting because Centrifuge has long been known as a project focused on asset tokenization and bringing real-world assets onto the blockchain. So, could CP172 turn CFG into one of the key instruments in the development of crypto real world assets?

Key Takeaways

• Centrifuge CP172 has passed the vote, paving the way for the planned conversion of CFG into tokenized equity.
• The planned ratio is 1 CFG for 1 share, but this does not mean the market value of CFG and the shares will automatically be equal.
• CFG's future will depend heavily on the execution of the restructuring, shareholder rights, liquidity, and Centrifuge's business growth in the RWA sector.

What Is Centrifuge CP172?

CP172 is a governance proposal exploring a structural change for CFG from a public token into an instrument that provides access to equity in Centrifuge.

In its proposal, Centrifuge explained that growing institutional adoption has created several challenges for the public token structure, including crypto volatility, regulation, governance, and the costs of maintaining market liquidity and infrastructure. 

Therefore, equity is considered capable of creating a more direct value relationship between CFG holders and the development of the Centrifuge business.

The CP172 vote opened on September 3, 2026, and ended on September 10, 2026. Based on the voting information provided, the proposal received approximately 98.53% support by voting weight.

This means Centrifuge's crypto governance has given the green light to proceed with the plan. However, governance approval does not mean that the conversion of CFG into shares has already taken place.

Read Also: Centrifuge CFG Analysis Today

How Does the 1:1 CFG-to-Equity Mechanism Work?

The most interesting part of CP172 is its conversion mechanism.

The proposal states that one CFG can be used to subscribe to one share in Centrifuge, Inc. For example, a holder of 1 million CFG could theoretically subscribe to 1 million shares, provided they meet the applicable eligibility requirements and legal conditions.

Holders with at least 100,000 CFG are planned to be recorded directly in the register of members. Meanwhile, holders with less than 100,000 CFG are planned to use a trust structure that will be developed together with CoinList.

The key point to understand is that the 1:1 ratio does not mean CFG has the same value as a share. The ratio only determines the number of shares that can be received based on the amount of CFG converted.

The actual value will still depend on the company's valuation, ownership structure, potential dilution, shareholder rights, and Centrifuge's ability to generate revenue and growth in the future.

Track CFG and other crypto assets with registering on Bittime and stay updated with the latest market developments.

Why Is Centrifuge Attractive for Crypto RWA?

Centrifuge is more than just a project using the RWA narrative. Its protocol infrastructure is designed to tokenize and distribute financial products backed by real-world assets across various blockchain networks. 

The protocol supports tokenized funds, vaults, onchain accounting, and integration with the DeFi ecosystem.

Centrifuge also states that it has been used to bring more than US$2 billion in real-world assets onto the blockchain, with integrations involving institutions such as Apollo and Janus Henderson, as well as DeFi protocols such as Aave and Morpho.

This infrastructure places the Centrifuge blockchain in an interesting position within the real world assets crypto trend, especially as financial institutions begin exploring the tokenization of bonds, credit, investment funds, and other financial instruments.

Therefore, the question of whether CFG can become an RWA altcoin should not be viewed solely through the token's price, but also through how much economic value Centrifuge's business can generate.

Read Also: RWA Crypto 2026: Is Asset Tokenization Becoming More Popular?

Could CFG Become the RWA Token of the Future?

Source: x.com/centrifuge

CP172 could potentially change how the market views CFG token.

Previously, CFG functioned as the Centrifuge ecosystem token, including in governance mechanisms and network activity. Centrifuge documentation notes that CFG is the native token of the ecosystem and was previously used for governance and transactions.

If the equity structure is actually realized, the investment thesis will shift. Investors would no longer evaluate CFG solely based on token utility or altcoin sentiment, but also on Centrifuge's ability to create value through its business.

On one hand, this could become a positive catalyst. Equity ownership creates a more direct connection to the company's development compared with a token that depends solely on protocol utility.

However, there are trade-offs. Shares in a private company generally do not have the same liquidity as tokens traded in the crypto market. 

In addition, voting rights, dividends, share transfers, company valuation, potential new financing, and rules for holders across different jurisdictions are important factors that still need to be clarified.

Read Also: How to Buy Centrifuge (CFG) | CFG to IDR | CFG to USDT

What Should Investors Monitor?

The passage of CP172 should be viewed as the beginning of the process, not the end.

The next catalysts include approval from the Centrifuge Network Foundation board, restructuring into an entity capable of issuing equity, establishing eligibility rules, setting the conversion schedule, and creating a mechanism for CFG holders who choose not to participate. 

The proposal also states that details regarding the launch date, duration, and conversion requirements will be announced after approval and the legal structure are finalized.

On the other hand, investors also need to consider whether the protocol continues to grow after the structural change. Centrifuge has tokenization infrastructure supporting standards such as ERC-4626 and ERC-7540, so broader RWA growth could become a fundamental factor for its business.

Therefore, CP172 could become one of the most interesting experiments in the asset tokenization industry: how a blockchain project transforms a community token into economic ownership of the company building its infrastructure.

Read Also: RWA Crypto 2026: Is Asset Tokenization Becoming More Popular?

Conclusion

Centrifuge CP172 is a strategic step that could change the relationship between CFG and the Centrifuge business. The 1:1 ratio offers a simple mechanism, but its economic value cannot be assessed solely based on the number of tokens and shares.

If the restructuring proceeds smoothly and Centrifuge successfully expands institutional adoption, CFG could gain a stronger investment thesis in the crypto RWA sector. 

Conversely, liquidity, regulatory, valuation, and shareholder rights issues could become major challenges.

Therefore, it is still too early to call CFG the best RWA project. What matters most now is monitoring how CP172 is executed and whether the growth of Centrifuge's business can truly create long-term value for its holders.

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FAQ

What Is Centrifuge CP172?

Centrifuge CP172 is a governance proposal that paves the way for the planned conversion of CFG tokens into tokenized equity in Centrifuge, Inc.

What Is the CFG-to-Share Conversion Ratio?

The planned ratio is 1 CFG for 1 share. However, this ratio does not guarantee that the market value of one CFG will equal one share.

Has the CFG-to-Equity Conversion Started?

Not yet. The passage of the vote only provides approval to proceed with the plan. Board approval, corporate restructuring, and the completion of legal and holder eligibility requirements are still necessary.

Why Is CP172 Important for the RWA Market?

CP172 could strengthen the relationship between Centrifuge's economic value and CFG holders as the real-world asset tokenization business grows. This makes Centrifuge's development increasingly relevant to investors following the crypto RWA sector.

Will CFG Become the RWA Altcoin of the Future?

The potential is there, but it cannot be confirmed yet. Success will depend on Centrifuge's business growth, asset tokenization adoption, the new equity structure, and the project's ability to create value for holders.