New York Life Investment Management, which oversees about $807 billion in assets, has rolled out its first tokenized investment product through a partnership with blockchain firm Centrifuge. The offering, named the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), brings a traditional high-yield bond strategy onto blockchain infrastructure.
The fund allows qualified participants to access New York Life’s institutional credit strategy via Centrifuge’s platform, with subscriptions and redemptions conducted using Circle’s USDC stablecoin. It targets exposure to corporate bonds with higher credit risk that typically provide elevated yields.
Structure and operations
Centrifuge provides the tokenization layer, while New York Life retains control over portfolio construction, investment decisions, and risk management. The fund is set up as a British Virgin Islands segregated portfolio, giving traders direct recourse to underlying assets and the option for in-kind redemptions.
To manage risk tied to digital assets, Centrifuge converts incoming USDC into U.S. dollars before purchasing bonds. This approach connects onchain activity with off-chain securities while aligning with existing regulatory frameworks.
The product is not available to U.S. participants under Regulation S and is aimed at experienced onchain capital allocators, stablecoin issuers seeking yield, and decentralized treasury managers.
Liquidity and partnerships
A liquidity feature developed with Grove, part of the Sky ecosystem, enables near-real-time redemptions. This builds on a longstanding relationship between Centrifuge and Sky, which dates back to earlier collaborations such as the Blocktower Credit Fund.
Market context and growth potential
The launch reflects accelerating momentum in tokenized real-world assets. Onchain RWAs have surpassed $36 billion in total value, with projections suggesting the market could reach $4 trillion to $5 trillion by 2030.
High-yield corporate bonds are drawing attention due to their returns in traditional markets, with broad indices yielding around 6.94% as of late June 2026. Bringing these instruments onchain offers digital asset-focused traders a way to diversify beyond native crypto yields.
Centrifuge itself remains in a growth phase, with about $430 million in active tokenized private credit pools as of May 2026. The success of the HYB fund will likely be measured by adoption levels and total value locked.
Regulatory clarity and outlook
Regulators continue to signal that tokenization does not alter the legal status of securities. The U.S. Securities and Exchange Commission has affirmed that federal securities laws apply regardless of whether ownership is recorded on a blockchain or traditional systems.
This issuer-led model, where an asset manager tokenizes its own strategy, fits within existing rules, offering a clearer compliance pathway. The development underscores a broader shift as traditional financial firms expand into blockchain-based distribution channels.
Explore how on-chain private credit is reshaping institutional-grade yields through tokenized real-world assets and regulated blockchain infrastructure.
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