Centrifuge Brings New York Life's Tokenized High-Yield Bond Fund HYB to Solana

Centrifuge made HYB, a tokenized U.S. high-yield corporate bond fund managed by New York Life Investment Management (NYLIM), available on Solana on September 24, 2026, according to Centrifuge's announcement. Eligible investors subscribe to and redeem from the fund in USDC, and the portfolio underneath is actively managed below-investment-grade U.S. corporate debt. Centrifuge pitched the launch as a step away from a Solana fixed-income market it describes as "dominated by cash management."

What NYLIM's Tokenized High-Yield Bond Fund Holds

HYB's full name is the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. NYLIM, which manages $807 billion in assets, launched it with Centrifuge on June 30 as the firm's first tokenized product, CoinDesk reported. NYLIM runs the bond portfolio as part of its U.S. High Yield Corporate Bond Strategy, and Centrifuge issues and manages the fund token.

High-yield bonds are corporate debt rated below investment grade. They pay more interest than Treasury bills or investment-grade bonds because the issuing companies carry more risk of default. That puts HYB at the opposite end of the risk scale from tokenized Treasury bills and money-market funds, which behave much like cash.

"Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed," Thomas Sy, NYLIM's Head of Multi-Asset Solutions, told CoinDesk at launch.

HYB is not a retail product. KuCoin News describes the Solana launch as open to qualified investors, and a Crypto Briefing report on the fund's rating lists stablecoin issuers, DAO treasuries and DeFi users as the target buyers of a fund structured as a British Virgin Islands segregated portfolio.

HYB's Rollout From Avalanche to Solana

Solana is HYB's second network launch in three days. Centrifuge announced HYB on Avalanche on September 22, writing that "tokenized funds belong where that demand is." The Solana post two days later made the same argument with Solana's numbers: Centrifuge said the network's RWA market grew from $1.5 billion at the start of 2026 to more than $4 billion in August.

The more telling detail is the pace: NYLIM's first tokenized fund, launched at the end of June, reached both Avalanche and Solana within three months.

On August 20, HYB received an 'A' rating from Particula, according to Crypto Briefing. KuCoin News reports that the rating reflects HYB's token mechanism, smart contracts and institutional backing, and that it does not grade the credit risk of the bonds themselves. That is a different job from the Moody's ratings that became machine-readable on Solana in June, which assess whether a borrower can repay.

How HYB Redemptions Work: T+3 or Instant Exit via RedStone Settle

Standard HYB redemptions settle three business days after the request (T+3), according to a September 1 Crypto Briefing report on RedStone Settle, a service from RedStone Finance. RedStone Settle runs a Dutch auction in which KYC-verified solvers compete to pay an exiting investor USDC immediately; the winning solver takes the HYB position and waits out the fund's normal redemption cycle. The report did not say which networks the service covers.

For a fund holding corporate bonds, which cannot always be sold the same day, handing the position to a solver lets an on-chain holder exit the same day while the fund keeps its own three-day redemption timetable.

Solana's RWA Market Moves Down the Credit Curve

RWA.xyz's Solana dashboard showed $4.66 billion in distributed asset value on September 25, up 13.18% over 30 days. That growth has leaned on tokenized Treasuries: in August, Solana led all blockchains in 30-day tokenized Treasury inflows as its RWA ecosystem hit $3.9 billion.

Centrifuge framed HYB as part of a shift toward a wider mix of duration, credit risk and return profiles in on-chain fixed income, and credit products have been arriving on Solana in steps. In June, Ethena USDe$0.999+0.0% began backing its USDe synthetic dollar with a Centrifuge-tokenized AAA-rated CLO fund on Solana, and Baillie Gifford launched BAGEY, a UK-regulated tokenized bond fund, on Solana and Ethereum. HYB sits further down the credit scale than either, with returns that depend on how NYLIM picks and manages riskier corporate borrowers.

For qualified investors on Solana, including the stablecoin issuers and DAO treasuries Crypto Briefing names as HYB's target buyers, the practical change is access: a corporate credit fund run by an $807 billion manager that subscribes and redeems in USDC, the dollar token they already hold on the network.