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New York Life to Offer High-Yield Bond Fund Subscriptions in USDC via Centrifuge Platform
New York Life Investment Management is launching a tokenized version of its U.S. high-yield corporate bond strategy. Subscriptions and redemptions will settle in USDC on Centrifuge's platform.
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New York Life Investment Management is launching its first tokenized fund, bringing a U.S. high-yield corporate bond strategy onto blockchain rails. The $807 billion asset manager, the investment arm of insurer New York Life, is partnering with Centrifuge on the product.
The fund, named the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, will allow eligible investors to subscribe and redeem shares using Circle's USDC stablecoin. New York Life will continue to manage the underlying portfolio and investment strategy.
"Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed," Thomas Sy, head of multi-asset solutions at NYLIM, said in a statement. xyz. Centrifuge already tokenizes funds from Apollo and Janus Henderson, and Coinbase has made a strategic investment in the platform.
Citi projects tokenized assets could reach $5.5 trillion by 2030, while Standard Chartered estimates the market could expand to $2 trillion by 2028.
