New York Life Investment Management’s first tokenized investment product has expanded to Avalanche, bringing its U.S. high-yield corporate bond strategy to another public blockchain through Centrifuge. The September 17 deployment makes HYB available to eligible investors on Avalanche, but it represents an expansion of an existing fund rather than the fund’s original launch. NYLIM and Centrifuge first introduced HYB on June 30, 2026.
In Centrifuge’s announcement, the protocol said HYB provides tokenized access to a diversified U.S. high-yield corporate bond strategy managed within NYLIM’s investment platform. The product extends Avalanche’s tokenized-asset mix beyond the Treasury and short-duration strategies that have accounted for much of institutional onchain fixed income. NYLIM was managing approximately $807 billion when the HYB partnership was announced.
RWAs are growing on Avalanche. Recent announcements show: institutions building and allocating on the chain.
Tokenized funds belong where that demand is. $HYB, managed by @NYLIManagement, is now on @avax, tokenized on Centrifuge. https://t.co/HOowSHYXmn
— Centrifuge (@centrifuge) September 22, 2026
Centrifuge Confirms HYB and USDC Vault on Avalanche
Centrifuge’s official deployment documentation lists the HYB token on Ethereum, Avalanche and Pharos. It also identifies a dedicated Avalanche USDC vault for the product. Those deployments confirm that the Avalanche rollout is operational infrastructure rather than a future integration announcement. Subscriptions and redemptions for HYB use USDC, while the underlying investment process and risk management remain tied to NYLIM’s established high-yield strategy.
The underlying product is formally called the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. It gives eligible investors access to the strategy through Centrifuge’s institutional fund infrastructure rather than tokenizing individual corporate bonds one by one. Putting the fund on another blockchain changes its distribution and settlement rails, not the credit profile or investment process of the underlying portfolio.
Liquidity also requires that distinction. Standard HYB redemptions can take roughly T+3 to T+5, while Centrifuge has separately developed instant USDC liquidity infrastructure for HYB and other tokenized credit funds. Independent liquidity facilities can accelerate an investor’s access to USDC without changing the settlement timetable of the underlying fund itself. Centrifuge has been building similar liquidity layers across Treasury, structured-credit and diversified-credit products.
High-Yield Credit Broadens the RWA Mix
HYB differs materially from the Treasury products that established much of the early tokenized-fund market. High-yield corporate bonds carry greater credit and market risk in exchange for potentially higher income, giving onchain investors exposure to a different segment of fixed income. The Avalanche deployment therefore broadens the type of traditional credit exposure available through blockchain infrastructure rather than simply adding another cash-like instrument. Centrifuge has similarly been expanding its tokenized asset range across equities and multiple credit categories.
Avalanche already provides a sizeable financial environment around that deployment. DefiLlama showed roughly $617 million in DeFi TVL on the network on September 23, although that figure is a live snapshot and can change materially with asset prices and deposits. Network TVL provides context for the surrounding DeFi ecosystem but does not measure investor demand for HYB itself. No comparable HYB-specific Avalanche inflow figure was included in Centrifuge’s deployment announcement.
Centrifuge is also widening the distribution infrastructure around its institutional products through custody, exchange and blockchain integrations. That distinction between issuance and distribution will be important in assessing whether tokenized institutional funds move beyond technical availability into sustained onchain use. A deployed contract establishes access, but holdings, subscriptions, redemptions and secondary liquidity provide stronger evidence of adoption.
The next concrete milestone for HYB on Avalanche is therefore measurable investor activity rather than another deployment announcement. Growth in Avalanche-based HYB balances, holder counts, subscriptions and redemption activity would show whether the new distribution rail is attracting capital. For now, the confirmed development is narrower but significant: NYLIM’s first tokenized fund is live on Avalanche, extending institutional onchain fixed income from short-duration instruments into U.S. high-yield corporate credit.
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