New York Life Investment Management launches tokenized high-yield bond fund with Centrifuge
New York Life Investment Management has launched its first tokenized fund, the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, trading under ticker HYB.
The product, which launched around June 30, 2026, represents a significant step for traditional finance entering the tokenization space. A two-person team at the $807 billion asset manager developed the project from initial research to launch in just six to nine months.
Fund details
HYB operates on Centrifuge's platform, with subscriptions and redemptions settling in USDC, a dollar-pegged stablecoin. The fund maintains NYLIM's established investment process and risk management standards, offering a yield to worst of 7.24% and an expense ratio of 0.55%. The minimum investment is set at $100,000, with assets under management reaching approximately $638,000 as of November 2026.
The underlying strategy has a proven track record, returning 11.40% in 2023, 6.88% in 2024, and 7.28% in 2025 before being tokenized.
Strategic approach
The fund is exclusively available to qualified non-US investors, reflecting a strategic decision to navigate the cautious regulatory environment surrounding tokenization in the United States. In September 2026, HYB integrated with RedStone Settle, enabling liquidity exits in approximately 300 milliseconds.
The scale contrast is hard to miss. NYLIM manages around $807 billion, and HYB held roughly $638,000 as of November 2026.
Market implications
The tokenization infrastructure has matured sufficiently that even large asset managers can launch such products with minimal resources. USDC settlement provides stablecoins with additional practical utility beyond trading. However, the fund's limitations include its small size, high minimum investment, and exclusion of US investors. The 7.24% yield compensates for the credit risk inherent in high-yield bonds, which involve lending to companies with weaker balance sheets.
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