Stellar adds tokenized high-yield corporate bonds with HYB and deHYB

Junk bonds have a new home: the blockchain. High-yield corporate bonds are now available on Stellar as a tokenized fund built for DeFi use cases, according to a post on X. The products are HYB and its DeFi-friendly sibling, deHYB. Behind them is New York Life Investment Management (NYLIM), a firm with roughly $807–838 billion under management. Centrifuge, the tokenization platform, handles the onchain side. What HYB and deHYB actually are HYB is short for the Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. It launched on June 30, 2026, as NYLIM’s first tokenized offering. The fund offers exposure to an actively managed US high-yield corporate bond strategy. These bonds come from companies with lower credit ratings, so they pay more interest to compensate investors for the added risk. The division of labor is clean. NYLIM keeps control of portfolio management and risk decisions. Centrifuge runs the onchain issuance and the infrastructure that makes the token work. Money moves through stablecoins. Investors subscribe and redeem using USDC, which then gets converted into dollars to buy the underlying bonds off-chain. HYB is structured as a British Virgin Islands segregated...