centrifuge just got selected as coinbase's preferred RWA infrastructure on base. not a launch partner, preferred provider with equity investment and network-level integration. $CFG sits at $174m FDV powering $1.37b in assets across janus henderson, franklin templeton, and wisdomtree products. ondo at $8.3b FDV is an application layer. centrifuge is the plumbing ondo-type products get built on. SEC transfer agent registration, S&P index license, EU passporting across 30 countries. 93% of centrifuge AUM flows through grove finance which just hit $2.58b managed. aave horizon, morpho vaults, and euler are integrating centrifuge assets as collateral, turning RWAs into DeFi primitives. coinbase doesn't need another RWA product. they need infrastructure so every builder on base can launch one. that's the bet they just made at 48x less than ondo's valuation.