CoinDesk
New York Life Investment Management, the $807 billion asset management arm of major US life insurer New York Life, is launching its first tokenized fund in partnership with tokenization platform Centrifuge. The product, called the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), is a blockchain-based version of the firm's existing U.S. High Yield Corporate Bond Strategy, with eligible investors able to subscribe and redeem using Circle's USDC stablecoin.
Thomas Sy, head of multi-asset solutions at NYLIM, framed the move as the start of a broader push inside the firm. "Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed," Sy said in a statement. New York Life continues to manage the underlying portfolio and investment strategy; Centrifuge handles the onchain rails.
Why it matters
The launch is the clearest signal yet that tokenization is moving past the Treasury-and-private-credit phase that defined the first institutional wave. BlackRock, Franklin Templeton, Apollo and Janus Henderson have already shipped onchain versions of traditional funds; New York Life's entry adds a $807 billion parent that has historically operated outside the crypto perimeter. Subscriptions and redemptions in USDC, rather than dollars wired through a traditional fund admin, point to a settlement model the rest of the cohort is inching toward.
For Centrifuge, the deal extends a relationship roster that already includes Apollo and Janus Henderson, with those tokenized funds increasingly integrated into DeFi protocols such as Aave and Morpho. Coinbase is also a strategic investor in Centrifuge and uses it as a preferred tokenization partner, an angle that becomes more relevant if a $30 billion-plus real-world asset base starts routing through USDC.
Market impact
The tokenized real-world asset market has grown past $30 billion excluding stablecoins, according to rwa.xyz. Citi projects tokenized assets could reach $5.5 trillion by 2030; Standard Chartered pegs the market at up to $2 trillion by 2028.
Frequently asked questions
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What is New York Life launching?
NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), a tokenized version of its existing U.S. High Yield Corporate Bond Strategy, in partnership with Centrifuge. Subscriptions and redemptions settle in USDC.
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Why is this a notable step for tokenization?
It moves onchain funds beyond tokenized Treasuries and private credit into high-yield corporate bonds, and brings in a $807 billion asset manager that has historically operated outside crypto.
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What is Centrifuge's role in the deal?
Centrifuge provides the tokenization infrastructure. The platform already tokenizes funds from Apollo and Janus Henderson and counts Coinbase as a strategic investor and preferred partner.
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How are subscriptions and redemptions handled?
Eligible investors subscribe and redeem using Circle's USDC stablecoin, while New York Life continues to manage the underlying portfolio and investment strategy.
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How big is the tokenized real-world asset market?
The tokenized RWA market has grown past $30 billion excluding stablecoins, per rwa.xyz. Citi projects tokenized assets could reach $5.5 trillion by 2030, with Standard Chartered estimating up to $2 trillion by 2028.
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