Centrifuge CEO Bhaji Illuminati says the market is getting pickier about tokens

The real-world asset pioneer is swapping its CFG token for company shares, and its chief executive says investors are asking harder questions about when a token makes sense For years, launching a token was the default move for any crypto project with a pulse. Centrifuge CEO Bhaji Illuminati thinks that era is ending. Speaking with Bloomberg, Illuminati said the market is becoming more critical about when tokens are actually appropriate. Her company is not just talking about it. Centrifuge is in the middle of replacing its CFG token with company shares. The shift runs through a governance proposal called CP172. It was approved in September 2026 with 98% backing from the Centrifuge community. Under the plan, CFG can be converted into shares of a re-registered Cayman Islands entity.