Centrifuge Signs $807B Asset Giant New York Life for First Tokenized Bond Product
Centrifuge is bringing one of the largest asset managers in the world onto its tokenization platform. On June 30, 2026, Centrifuge partnered with New York Life Investment Management, which manages $807 billion in assets, to launch a tokenized version of its U.S. High Yield Corporate Bond Strategy, ticker HYB. This is New York Life Investment Management’s first tokenized offering.
The fund operates on Centrifuge’s institutional infrastructure, with subscriptions and redemptions settling in USDC. The underlying portfolio, investment process, and risk management remain under New York Life Investment Management’s control.
This deal stands out because major asset managers have been slow to adopt tokenization, often watching from the sidelines. New York Life Investment Management’s entry changes this pattern, as it manages money for New York Life’s general account, institutional clients, and retail investors through financial advisors. By bringing a high-yield credit strategy onchain, these investors gain new access to the fund.
Tokenization does not alter the fund’s investment strategy but streamlines how investors enter and exit. Centrifuge’s platform manages issuance, settlement, and investor access onchain, reducing paperwork and delays associated with traditional fund subscriptions. This structure also provides global investors with access through broader distribution channels.
New York Life Investment Management joins a growing list of asset managers experimenting with tokenized products. Centrifuge has partnered with other firms like Apollo and Janus Henderson. Industry analysts anticipate tokenization will expand as institutions seek to reduce operational costs and improve distribution. For now, HYB offers eligible investors a direct path to an established high-yield strategy using infrastructure designed outside conventional fund administration systems.