TL;DR
- RedStone and OpenEden launched a NAV oracle for HYBOND on BNB Chain, the first BNY tokenized bond fund on that network.
- The oracle pulls the fund’s NAV directly from BNY Investments, authenticates it as an independent third party, and publishes verifiable on-chain updates.
- Both companies plan to enable T+0 settlement for HYBOND and expand the infrastructure to Ethereum and other networks.
OpenEden and RedStone announced the launch of a net asset value (NAV) oracle for HYBOND on BNB Chain. The integration makes HYBOND the first tokenized bond fund from BNY available on that network with verifiable prices accessible directly on-chain for DeFi applications that want to use it as an underlying asset.
HYBOND replicates the BNY Mellon Global Short-Dated High Yield Bond Fund in tokenized format on a 1:1 basis. As a composable token, it can be integrated into lending markets, risk segmentation protocols, and other decentralized applications, all of which require a precise price to value collateral and define liquidation thresholds.
The Key Role of RedStone
The RedStone oracle pulls the fund’s declared NAV directly from BNY Investments, authenticates it independently as a third party, and publishes signed updates that can be verified on-chain. These updates follow the fund’s reporting schedule, ensuring that protocols read exactly the same NAV that the fund declares, through a standard oracle interface.
Jeremy Ng, founder and CEO of OpenEden, stated that HYBOND aims to expand the range of financial products that on-chain developers can build around exposure to professionally managed bonds. Marcin Kazmierczak, co-founder of RedStone, noted that tokenized credit is evolving beyond cash-equivalent assets, and that bringing higher-yield credit on-chain requires infrastructure capable of handling how those assets are valued and settled.
T+0 and Expansion to New Networks
In addition to the NAV oracle, OpenEden and RedStone plan to deploy RedStone Settle for HYBOND. This solution will connect holders and lending markets with verified liquidity providers to support the settlement and redemption of HYBOND with T+0 settlement. The deployment on BNB Chain will be followed by the expansion of the NAV oracle and Settle infrastructure to additional networks, including Ethereum, with details to be announced separately.
