RedStone brings instant exits to NYLIM tokenized fund

RedStone has announced plans to give holders of Centrifuge’s tokenized NYLIM U.S. high-yield bond fund same-block exits through offchain auctions lasting about 300 milliseconds. Summary RedStone Settle will provide same-block exits for HYB, whose standard redemption period is T+3. KYC-approved liquidity providers will bid on the discount required to purchase fund units immediately. Atomic transactions and bonded solver deposits are designed to limit failed settlement and front-running. RedStone said prefunded vaults will supply backstop liquidity when direct participation is insufficient. RedStone said in a Sept. 1 announcement shared with crypto.news that its Settle service is being integrated with the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, known by the ticker HYB. Issued through Centrifuge, HYB is the first tokenized fund sub-advised by New York Life Investment Management. NYLIM manages $838 billion in assets, according to the latest figure provided by RedStone, up from the roughly $807 billion reported when the fund was introduced in June. The integration is designed to let HYB holders, lending protocols, and liquidators sell fund units within one bloc...