What NYLIM actually built
HYB runs on Centrifuge’s platform. Subscriptions and redemptions settle in $USDC, a dollar-pegged stablecoin, so investors move money in and out using digital dollars rather than bank wires.
Notably, NYLIM is not reinventing how it picks bonds. The fund keeps the firm’s established investment process and its existing risk management standards.
The headline numbers look like this:
- Yield to worst: 7.24%
- Expense ratio: 0.55%
- Minimum investment: $100,000
- Assets under management (November 2026): roughly $638,000
Yield to worst is the most conservative yield estimate for a bond portfolio. It assumes issuers repay or call their bonds at whatever moment is least favorable to the holder, so it works as a floor-style measure rather than a best-case pitch.
The underlying strategy has a track record that predates the token wrapper. It returned 11.40% in 2023, 6.88% in 2024 and 7.28% in 2025.
Built for non-US investors, with a speed upgrade
HYB is open only to qualified non-US investors. That choice reflects a strategic decision to work around the caution that still surrounds tokenization in the US market.
In September 2026, the fund announced an integration with RedStone Settle. The service offers liquidity exits in roughly 300 milliseconds.
A small fund from a very large manager
The scale contrast is hard to miss. NYLIM manages around $807 billion, and HYB held roughly $638,000 as of November 2026.
The more telling detail may be the team size. A two-person group moved from research to launch inside six to nine months, which suggests the infrastructure for tokenized funds has matured enough that a giant firm does not need a giant project to get started.
What this means
For the stablecoin market, $USDC settlement is a quiet but important detail. Every tokenized fund that settles in stablecoins gives those digital dollars another practical job beyond trading.
There are real limits to keep in mind. The fund is small, the $100,000 minimum and qualified-investor requirement keep it out of reach for most people, and US investors cannot participate at all.
High-yield bonds also carry real credit risk, which is why they pay more in the first place. A 7.24% yield to worst is attractive, but it compensates investors for lending to companies with weaker balance sheets, and the strategy’s year-to-year returns have moved around noticeably.