New York Life Investment Management launches tokenized high-yield bond fund with Centrifuge

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NY Life tokenized high-yield bond fund

Highlights

New York Life Investment Management and Centrifuge launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), their first tokenized investment product.
HYB enables eligible investors to subscribe and redeem using USDC stablecoin, with New York Life managing the portfolio and Centrifuge providing blockchain infrastructure.
Tokenized real-world assets now exceed $30 billion, with Citi projecting $5.5 trillion by 2030 and Standard Chartered estimating $2 trillion by 2028.

Fund launch and blockchain structure

As reported by CoinDesk, New York Life Investment Management is partnering with Centrifuge to launch a blockchain-based version of its U.S. High Yield Corporate Bond Strategy. The product, called the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, or HYB, marks the firm's first tokenized investment offering.

Eligible investors can subscribe to and redeem shares using Circle's USDC stablecoin, while New York Life continues to manage the underlying portfolio and investment strategy. Thomas Sy, head of multi-asset solutions at NYLIM, says in a statement that tokenization represents a significant shift in how investment products can be accessed, managed and distributed.

Market expansion beyond Treasury funds

The move adds another large asset manager to a growing push by established financial firms to place traditional products on blockchain infrastructure. BlackRock, Franklin Templeton, Apollo and Janus Henderson are among the firms already offering onchain versions of investment funds, as the sector looks for faster settlement, operational gains and broader use across blockchain-based financial applications.

For Centrifuge, the partnership expands a roster that already includes funds from Apollo and Janus Henderson, with some of those assets integrated into decentralized finance protocols such as Aave and Morpho. The company is also Coinbase's preferred tokenization partner and has received a strategic investment from the exchange.

Industry estimates suggest the market is still in an early growth phase but is expanding quickly. Tokenized real-world assets total more than $30 billion excluding stablecoins, according to rwa.xyz, while Citi projects tokenized assets could reach $5.5 trillion by 2030 and Standard Chartered estimates the market could grow to $2 trillion by 2028.

Early institutional tokenization efforts largely focus on U.S. Treasury funds, but firms are increasingly moving into private credit, equities and corporate bonds. NYLIM's launch signals that higher-yield fixed-income strategies are also becoming part of that expansion.

In our earlier article on the proposed AI sovereign wealth fund, we covered bipartisan support for the idea of the U.S. government taking equity stakes in AI-related companies to capture and potentially redistribute part of the sector’s rapid wealth creation. We also noted economists’ concerns that direct federal ownership in high-growth AI firms could distort incentives and weaken market discipline, especially as AI-driven enthusiasm has already contributed to stretched valuations in parts of the tech market.

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