New York Life Investment Management Brings First Tokenized Fund to Avalanche

New York Life tokenized fund on Avalanche

New York Life Investment Management, which oversees approximately $807 billion in assets, has entered the tokenization market with its first tokenized fund, with its U.S. High Yield Corporate Bond Strategy brought onchain through Centrifuge and deployed on Avalanche, according to BSCN.

The fund, known as the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio and tickered HYB, represents NYLIM’s first tokenized offering. Centrifuge announced the partnership on June 30, describing the product as a way to bring the asset manager’s established fixed-income strategy onto blockchain infrastructure.

NYLIM Brings High-Yield Bonds Onchain

The underlying strategy focuses on U.S. high-yield corporate bonds. Through the tokenized structure, eligible investors can access the strategy through Centrifuge’s infrastructure, while the investment portfolio, investment process and risk management remain under NYLIM’s management.

Centrifuge’s deployment documentation lists HYB on both Ethereum Mainnet and Avalanche, alongside Pharos. This means Avalanche is part of the fund’s current multichain deployment rather than the tokenized strategy existing solely on one blockchain.

BSCN highlighted the Avalanche deployment as another example of a major financial institution selecting the network for tokenized assets. The post described NYLIM as a financial giant with more than $800 billion in assets and identified the High Yield Corporate Bond Strategy as the product being brought onto the network through Centrifuge.

Centrifuge Provides Tokenization Infrastructure

Centrifuge is responsible for the tokenization infrastructure supporting HYB, while NYLIM remains responsible for the underlying investment strategy. The fund uses a BVI segregated portfolio structure, and subscriptions and redemptions are settled in USDC.

The structure is aimed at eligible investors rather than the general U.S. retail market. The Block reported that HYB’s current Reg S structure is not available to U.S. investors and instead targets experienced onchain participants.

The launch places NYLIM alongside other established asset managers using Centrifuge to bring traditional investment products onto blockchain infrastructure. Centrifuge said in July that NYLIM’s HYB was one of the first high-yield corporate bond strategies to come onchain.

HYB Expands Across Onchain Markets

The tokenized fund has also gained additional infrastructure since its launch. In August, Centrifuge announced integrations designed to provide eligible HYB holders with faster access to USDC liquidity, addressing the difference between traditional fund redemption timelines and onchain market activity.

Centrifuge said HYB’s standard redemption cycle is T+3 to T+5, while its liquidity partners can provide immediate USDC access to eligible holders while the underlying redemption continues separately.

The fund’s multichain deployment currently includes Avalanche, with HYB also listed on Ethereum Mainnet and Pharos in Centrifuge’s deployment records.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
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