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FollowingNYLIM and Centrfuge jointly launch tokenized bond fund
New York Life Investment Management Corporation (NYLIM, Twitter account: @NYLIManagement) is one of the largest active asset management companies in the United States, with assets under management of approximately US$807 billion. Recently, the company officially entered the field of tokenization and launched its first on-chain fund. The agency partnered with Centrfuge to deploy its U.S. high-yield corporate bond strategy to blockchain infrastructure, and the product is listed under the code "HYB".
The fund is fully known as the "NYLIM Anemoy U.S. High-Yield Corporate Bond Isolated Portfolio" and provides qualified investors with access to the credit strategies of proactively managed institutions through the Centrfuge platform. Fund subscriptions and redemptions are settled through Circle's USDC stablecoins, while its underlying portfolio management, investment process and risk control measures are consistent with NYLIM's existing institutional management model and have not been changed.
Promote tokenization beyond the category of national debt
The significance of this issuance lies in its positioning in the credit spectrum. Currently, the tokenized real world asset (RWA) market is dominated by short-term treasury bills and short-term instruments, which account for the majority of the fixed income value on the chain. By introducing a proactively managed high-yield strategy onto the chain, NYLIM and Centrifuge are pushing the asset class into a higher-yielding, riskier credit area that had previously been rarely explored by institutional investors.
This is not the first time Centrifuge has worked with a large financial institution. The agreement already supports partners including Apollo Global Management and Janus Henderson to issue tokenized products, covering private equity funds, treasury strategies and flagship CLO (Secured Loan Voucher) portfolios. However, the partnership with NYLIM marks a milestone for the first major insurance-related asset management companies to enter the tokenization space in this way.
The broader RWA tokenization market is still growing rapidly. According to RWA.xyz data, as of late August 2026, the total value of tokenized RWAs on the public blockchain was approximately US$38 billion, a significant increase from approximately US$20.6 billion a year ago. Although high-yield corporate bonds still account for a small proportion of the total, they are growing rapidly.
For NYLIM, the move sends a strategic signal to explore blockchain-based distribution channels more broadly. Thomas Sy, director of multi-asset solutions at NYLIM, said the company believes tokenization is an important change in the way investment products are acquired and managed in both the public and private markets.
