New York Life and Centrifuge launch tokenized HYB bond

Centrifuge and New York Life Investment Management launched HYB, a tokenized U.S. High Yield Corporate Bond Strategy fund, on June 30, 2026. The fund carries the ticker HYB, settles subscriptions and redemptions in USDC and is hosted on Centrifuge’s institutional tokenization infrastructure. New York Life Investment Management manages about $807 billion in assets and this is its first tokenized product.

New York Life Investment Management retains control of the underlying portfolio, investment decisions and risk management. Centrifuge’s platform handles onchain issuance, settlement and investor access, and performs the technical operations required to issue and move tokenized shares.

HYB uses USDC, a dollar-pegged stablecoin, for investor flows instead of relying solely on traditional bank transfers or fiat settlement cycles. The bonds and credit exposures remain managed offchain by New York Life’s investment team while ownership interests are represented and transferred onchain.

New York Life Investment Management offers strategies to its general account, institutional clients and retail investors through financial advisors. HYB provides an additional distribution route for eligible investors, with access subject to the fund’s existing investor rules and regulatory requirements.

Thomas Sy, Head of Multi-Asset Solutions at New York Life Investment Management, called tokenization “a compelling evolution in how investment solutions can be accessed, managed and distributed across both public and private markets.” Anil Sood, Chief Strategy Officer and co-founder of Centrifuge Labs, characterized the fund as filling “a gap for onchain investors that existing products do not address” and described the arrangement as part of a broader shift to infrastructure that is more transparent and easier to move across markets.

Centrifuge has worked with asset managers and credit firms to develop tokenized products and lists partners including Apollo and Janus Henderson. Industry analysts expect tokenization to expand over the next decade as asset managers pursue ways to reduce operational costs and broaden distribution.

HYB is presented as an early example of a tokenized fixed-income product for eligible investors. The operational split keeps portfolio management and risk oversight with New York Life Investment Management while blockchain-based issuance and USDC settlement handle investor transactions.