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New York Life Investment Management, the firm sitting on $807 billion in assets under management, just made its first move into tokenization. And it skipped the safe stuff entirely.
NYLIM partnered with Centrifuge to launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, trading under the ticker HYB. The fund gives eligible onchain investors access to a high-yield corporate bond strategy, with subscriptions and redemptions settled in Circle’s USDC stablecoin. It’s one of the first tokenized products to venture beyond the low-risk Treasury funds that have dominated the real-world asset space.
Why high-yield bonds matter here
The tokenized RWA market has crossed $30 billion. But most of that has been parked in US Treasuries and money market funds. NYLIM retains full management of the underlying portfolio and investment strategies. Centrifuge provides the tokenization rails.
Thomas Sy, a figure at NYLIM, has pointed to tokenization as a way to enhance access and improve management efficiencies. On the Centrifuge side, Anil Sood has highlighted the promise of greater transparency and composability in investment strategies.
Centrifuge’s growing institutional roster
Centrifuge has previously partnered with Apollo, Janus Henderson, and Coinbase, building out an ecosystem that bridges traditional asset managers with decentralized finance infrastructure.
The USDC settlement mechanism allows investors to move in and out of positions without waiting for wire transfers to clear, avoiding the friction of fiat on-ramps and off-ramps that have historically slowed down tokenized fund operations.
What this means for investors
The RWA tokenization market has projections suggesting it could reach into the trillions by 2030. The global bond market alone sits at well over $100 trillion.
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