TL;DR:
- Centrifuge and New York Life Investment Management launched the tokenized HYB fund, NYLIM’s first and one of the first onchain high-yield bond vehicles.
- The fund operates under a BVI structure, accepts subscriptions in USDC, and offers near-instant liquidity through Grove, part of the Sky ecosystem.
- NYLIM manages approximately $807 billion in assets and could become Centrifuge’s largest institutional partner to date.
Centrifuge closed a partnership with New York Life Investment Management (NYLIM), an asset manager overseeing approximately $807 billion, to launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, identified by the ticker HYB.
This product is NYLIM’s first tokenized fund, and also ranks among the first onchain vehicles with exposure to high-yield corporate bonds —also known as junk bonds, which offer higher returns in exchange for elevated credit risk.
New York Life Investment Management (@NYLIManagement), one of the largest active asset managers globally with ~$807B in AUM, has partnered with Centrifuge to bring its fixed income capabilities onchain.
The collaboration begins with $HYB, one of the first high yield bond… pic.twitter.com/oA5qyOpvUj
— Centrifuge (@centrifuge) June 30, 2026
The fund allows eligible investors to access NYLIM’s institutional high-yield fixed income strategy through Centrifuge’s platform. Subscriptions and redemptions are settled in USDC, Circle’s stablecoin. Bhaji Illuminati, CEO of Centrifuge, explained that the firm converts the received USDC into dollars to acquire the underlying assets off-chain, which eliminates direct exposure to the stablecoin risks that affect other tokenized funds.
Centrifuge Consolidates its Position Among Wall Street’s Major Players
This deal expands a portfolio of institutional partners that already includes Apollo Global Management and Janus Henderson, with products spanning private credit funds, Treasury bill strategies, and a AAA-rated CLO portfolio exceeding $700 million in assets. Illuminati noted that NYLIM could be Centrifuge’s largest partner to date.
HYB was structured as a segregated portfolio in the British Virgin Islands (BVI), a structure Centrifuge adopted three years ago for offering superior regulatory clarity for tokenized securities. Under this framework, fund investors become direct shareholders with recourse rights over the underlying assets and the possibility of redemption in kind. Thomas Sy, head of multi-asset solutions at NYLIM, highlighted that blockchain infrastructure can complement the firm’s platform and expand the value delivered to clients.
Liquidity as a Key Differentiator
To manage redemptions, the fund incorporated a liquidity solution developed alongside Grove, a member of the Sky ecosystem —formerly MakerDAO—, enabling near-instant redemptions. Centrifuge has maintained a relationship with Sky since at least 2021, when both firms collaborated on the Blocktower Credit Fund.
The HYB fund will not be available to U.S. investors under its current Reg S structure. The target audience for both firms includes stablecoin issuers seeking higher yields, DeFi users building diversified strategies with lower-volatility assets, and DAO treasuries looking for more sophisticated alternatives to basic stablecoins.
