New York Life Investment Management (NYLIM), the investment management arm of life insurer New York Life, has brought its first tokenized fund to Avalanche, with the product now deployed across multiple blockchain networks. 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, which supplies the tokenization rails, 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—corporate debt rated below investment grade. Through the tokenized structure, eligible investors can access the strategy via Centrifuge's infrastructure, while the investment portfolio, the investment process and risk management remain under NYLIM's control.

Centrifuge's deployment documentation lists HYB on Ethereum Mainnet and Avalanche, alongside the Pharos network. Avalanche therefore forms part of the fund's current multichain deployment rather than the tokenized strategy existing solely on one blockchain.

BSCN highlighted the Avalanche deployment in a post on X 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 onchain through Centrifuge.

Centrifuge Provides the Tokenization Infrastructure

Centrifuge is responsible for the tokenization infrastructure supporting HYB, while NYLIM remains responsible for the underlying investment strategy. The fund uses a British Virgin Islands (BVI) segregated portfolio structure, and subscriptions and redemptions are settled in USDC. This division of responsibilities mirrors the pattern across Centrifuge's asset-management partnerships: the manager retains control of portfolio decisions, while the tokenization layer governs how the product is issued and accessed onchain.

The offering is aimed at eligible investors rather than the general U.S. retail market. According to The Block, HYB's current Regulation S (Reg S) structure—an offshore offering framework that operates outside U.S. securities registration—is not available to U.S. investors and instead targets experienced onchain participants.

The launch places NYLIM alongside other established asset managers that have used Centrifuge to bring traditional investment products onto blockchain infrastructure. Centrifuge said in July that NYLIM's HYB was among the first high-yield corporate bond strategies to come onchain, making it an early reference point for how a fixed-income strategy from a manager of this scale can reach onchain participants without changing who manages the underlying portfolio.

HYB Expands Across Onchain Markets

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

Centrifuge said HYB's standard redemption cycle runs T+3 to T+5—three to five business days after a redemption request—while its liquidity partners can provide immediate USDC access to eligible holders while the underlying redemption continues separately.

With the expansion, the fund's multichain deployment currently spans Avalanche, Ethereum Mainnet and Pharos, according to Centrifuge's deployment records. Changes to that footprint, or to HYB's liquidity arrangements, would be reflected in Centrifuge's deployment documentation and announcements, which have served as the record of the fund's expansion to date.

Source: Hokanews