OpenEden has issued the first tokenized product tied to a high-yield bond strategy managed by BNY Investments. The launch expands real-world asset tokenization beyond government debt into higher-yield corporate credit exposure.
The product, HYBOND, offers eligible investors 1:1 exposure to BNY Investments’ Global Short-Dated High-Yield Bond strategy. BNY, which oversees $59.3 trillion in assets under custody and administration and $2.2 trillion in assets under management, serves as the investment manager for the underlying portfolio.
Is Tokenized Credit The Next Phase Of RWA Growth?
The introduction of HYBOND signals a shift in tokenized markets toward more complex financial instruments. Early adoption focused on cash-equivalent products such as tokenized U.S. Treasurys, but demand is now moving up the credit curve. Compared with treasury-backed tokens, high-yield bonds introduce higher return potential alongside increased risk and active management requirements.
OpenEden’s move builds on its existing relationship with BNY, which also acts as investment manager and custodian for its tokenized treasury fund. The platform operates through regulated entities in Bermuda and the British Virgin Islands, reflecting a growing trend of jurisdiction-specific frameworks supporting tokenized securities issuance.
“Tokenization has proven its product market fit with cash-equivalent and treasury strategies,” said Jeremy Ng, CEO of OpenEden.
He added that HYBOND represents the next step by bringing actively managed corporate bond exposure onchain within a regulated structure.
Can institutional investors scale allocation to tokenized credit products without compromising risk controls? The next catalyst will likely come from adoption data and whether additional asset managers expand tokenized offerings beyond government debt into broader fixed-income markets.
