NYLIM Launches $638,000 Tokenized High-Yield Fund on Centrifuge

By Elena Vasquez

New York Life Investment Management (NYLIM), which oversees around $807 billion, launched its first tokenized fund on Centrifuge on approximately June 30, 2026. The NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, ticker HYB, held roughly $638,000 as of November 2026, attaching a new settlement rail to a very large asset manager.

The reported balance was well below $1 million and equal to about 0.08% of NYLIM’s $807 billion in managed assets, although the figures cover different dates. The balance remains a launch-stage snapshot, and the disclosed information provides no asset-growth target or commercial terms for the Centrifuge arrangement.

Takeaway: NYLIM has demonstrated that it can launch the product, but the initial scale does not yet establish broad investor demand.

What did NYLIM actually put onchain?

NYLIM did not rebuild its bond-selection process when moving the strategy onchain. HYB retains the firm’s established investment process and existing risk-management standards, while Centrifuge supplies the tokenized platform and the underlying portfolio remains high-yield corporate bonds.

The headline terms include a 7.24% yield to worst, a 0.55% expense ratio and a $100,000 minimum investment. Yield to worst assumes issuers repay or call their bonds at the least favorable moment for holders, making it a floor-style estimate rather than a best-case pitch.

The strategy also has a history that predates the token wrapper. It returned 11.40% in 2023, 6.88% in 2024 and 7.28% in 2025, a record that demonstrates variability rather than a stable coupon.

High-yield debt carries credit risk because investors receive more compensation for exposure to companies with weaker balance sheets. The 7.24% yield to worst prices that risk; it does not remove it, and historical returns do not establish future performance.

Takeaway: Tokenization changes the fund’s wrapper and transaction process, not NYLIM’s stated approach to selecting and managing credit.

How do USDC and RedStone Settle handle transactions?

Subscriptions and redemptions settle in USDC, a dollar-pegged stablecoin, allowing investors to move money into and out of HYB with digital dollars instead of bank wires. The disclosed technical details do not identify the blockchain or token standard, limiting any assessment of the underlying infrastructure.

In September 2026, the fund announced an integration with RedStone Settle. The service offers liquidity exits in roughly 300 milliseconds, or three-tenths of a second, although the available information does not specify whether every fund redemption completes at that speed or what conditions apply.

USDC settlement gives the stablecoin an operational role beyond exchange trading. The source does not specify the fund’s USDC custody arrangements, onboarding time or liquidity outside RedStone Settle, so those operational questions remain open.

Takeaway: USDC provides the functional core of the launch, while the advertised exit speed remains an integration feature rather than a measured outcome for every investor.

Why can only non-US investors participate?

HYB is open only to qualified non-US investors. This restriction reflects a strategic decision to work around the caution that continues to surround tokenization in the US market; US investors cannot participate at all.

The $100,000 minimum and qualified-investor requirement put HYB beyond the reach of most people. The structure avoids testing broad US retail demand, but it also confines the project to a narrower pool of institutional and accredited capital.

NYLIM has not announced a timetable for changing eligibility or launching a US version. Until that changes, “onchain” describes the fund’s infrastructure more accurately than the breadth of its investor access.

Takeaway: HYB is an institutional-access product with a geographic boundary, not an open market for tokenized corporate bonds.

Did a small team show that the infrastructure has matured?

A two-person NYLIM team moved the project from its first research to a live tokenized fund in six to nine months. That suggests Centrifuge’s infrastructure reduced the work required to assemble an institutional fund, although the source provides no build-cost comparison with a bank-led project.

The timeline is notable because it came from a manager overseeing roughly $807 billion, yet the resulting fund held only about $638,000 five months after launch. Speed to market and asset gathering are separate tests, and HYB has answered only the first.

Takeaway: The launch demonstrates speed, while leaving the fund’s costs, commercial economics and ability to scale undisclosed.

What does HYB mean for stablecoins and market structure?

Every tokenized fund settling in stablecoins gives digital dollars another practical use beyond trading. HYB extends USDC into subscription and redemption settlement for a conventional asset manager, connecting stablecoin infrastructure with the ownership and transfer of high-yield credit.

Its $638,000 asset base and non-US-only access limit the immediate market impact. The significance lies in institutional plumbing rather than volume: HYB tests whether existing asset-management operations can adopt stablecoin settlement without changing the underlying investment process.

Takeaway: The next structural test is whether NYLIM can expand HYB beyond qualified non-US investors and its $100,000 threshold while retaining USDC settlement; no expansion deadline was announced.