Centrifuge has opened a 14-day Request for Comments period on proposal CP172, which explores letting eligible CFG holders convert their tokens into equity in Centrifuge Inc. as the project shifts toward institutional infrastructure. The draft says the current token structure has become a constraint on partner expansion and capital raising, and proposes a 1 CFG to 1 share conversion ratio, with the equity recorded in tokenized form. Holders of at least 100,000 CFG would be able to enter the shareholder register directly, while those below that threshold could participate through a CoinList trust structure with no additional fees or minimum requirement. Holders who do not participate could keep or sell their tokens, and the team, community and partners would receive the same class of shares. The proposal remains at the feedback stage and would still require board approval and a governance vote. Centrifuge is an open decentralized infrastructure platform for on-chain asset management and real-world asset tokenization, enabling asset managers to turn institutional assets such as credit, real estate and Treasuries into transferable tokens for use in DeFi.