Tokenized HYB fund gains instant liquidity through separate route after June launch

Key Facts

Centrifuge announced on June 30, 2026, the launch of the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, known by the ticker HYB, in partnership with New York Life Investment Management, making it the company’s first tokenized offering. The fund provides exposure to NYLIM’s U.S. high-yield corporate bond strategy, while the company manages the investment portfolio, investment process and risk management. Centrifuge said these elements "remained unchanged" with the fund’s tokenization. NYLIM manages approximately $807 billion in assets, according to the partnership announcement. The fund’s subsequent development has taken the form of additional liquidity options for holders, not a new product launch in November.

Routine HYB subscriptions and redemptions are processed using USDC, but settlement does not become instant simply because a stablecoin is used. The standard process takes 3 to 5 business days, according to the fund data page cited by Centrifuge. That timetable remains in place for the fund itself, reflecting that tokenizing the shares did not eliminate the standard redemption mechanism. Centrifuge therefore added separate arrangements that allow investors to access USDC liquidity before redemption is completed through the traditional cycle. The difference between the routes depends on the liquidity provider and exit mechanism used, not on a change in the management of the bond portfolio.

On August 25, 2026, Centrifuge announced that Fission provides round-the-clock USDC liquidity for four institutional funds, including HYB. Through this route, an investor can access USDC via the liquidity provider while the fund share continues to settle according to its standard timetable. This does not mean the fund’s standard redemption has become instant; the additional route separates the investor’s access to liquidity from completion of the fund redemption. On September 24, RedStone announced its Settle mechanism, which allows HYB holders to exit instantly for USDC on a T+0 basis. This is done at a specified discount to nominal value, after which the liquidity provider receives the token and redeems it later through the standard route.

These arrangements mean that the speed of access to liquidity depends on an independent provider and the terms of the route, while the fund’s core cycle remains unchanged. Under RedStone’s mechanism, USDC is paid before the token is redeemed from the fund, and the liquidity provider handles the standard redemption. Fission’s offering, announced in August, provides round-the-clock liquidity for the four funds, with settlement continuing according to each fund’s specified timetable. This separation gives investors a faster option than waiting 3 to 5 business days, but it is tied to the discount set by the RedStone route. HYB’s investment strategy in high-yield corporate bonds remains under NYLIM’s management, regardless of how liquidity is arranged.

Centrifuge positioned the fund as part of the expansion of tokenized real-world assets into high-yield credit. NYLIM’s Thomas Sai said the company "is exploring opportunities where blockchain-supported infrastructure can complement our existing platform." The company linked this approach to investor demand for transparency, efficiency and broader participation, while affirming that tokenization had not changed the investment process or risk management. On August 31, 2026, Centrifuge announced that Particula had assigned HYB an A rating, describing the level as high quality with low to moderate risk. Centrifuge noted that the assessment takes high-yield credit risk into account, which is part of the characteristics of the assets in which the strategy invests.

The fund enters a market where corporate bond spreads have remained low by long-term historical standards, according to the Federal Reserve’s May 2026 Financial Stability Report. The report said high-yield bond yields stood at about 7% in April, compared with about 5% for BBB bonds. These figures provide background on the credit category targeted by HYB’s strategy and do not represent a disclosed fund yield. Particula’s rating and the tokenization of the shares also do not change the nature of the exposure to high-yield corporate bonds. Instant liquidity options remain separate routes from portfolio performance and its standard redemption cycle.