OpenEden brings BNY high-yield bond fund to BNB Chain with RedStone
The RedStone price feed will publish HYBOND's administrator-determined net asset value on BNB Chain in a verified, smart contract-readable format.
OpenEden is bringing its tokenized HYBOND credit fund to BNB Chain, with RedStone supplying verified pricing data and planned settlement infrastructure for DeFi applications, the company said Thursday.
HYBOND is OpenEden’s first tokenized product offering eligible investors onchain access to BNY Investments’ Global Short-Dated High Yield Bond strategy. BNY Investments, part of BNY, will manage the underlying assets, while HYBOND provides 1:1 exposure through blockchain-based tokens.
As part of the expansion to BNB Chain, RedStone’s oracle will deliver HYBOND’s administrator-struck NAV onchain in a format that smart contracts can use. The deployment is HYBOND’s first expansion to another network after launching on Ethereum.
The companies also plan to deploy RedStone Settle, which is designed to provide T+0 settlement for tokenized fund collateral by connecting HYBOND holders with KYC-verified liquidity providers that absorb the fund’s multi-day redemption cycle.
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“We see tokenization as a way to put traditional investment strategies into the hands of on-chain builders,” Jeremy Ng, Founder and CEO of OpenEden, commented on the move. “With HYBOND, we want to broaden the range of financial products those builders can create around professionally managed bond exposure, and RedStone provides the verifiable valuation data they need to bring them to market.”
HYBOND is RedStone’s third tokenized credit fund pricing deployment this year, following HINC from Neuberger Berman and HYB from NYLIM. OpenEden said the fund’s expansion represents a move beyond tokenized fixed-income products centered on Treasuries and other cash-equivalent assets.
“Tokenized credit is moving beyond the cash-equivalent assets that have dominated the market, but bringing higher-yield credit onchain requires infrastructure that can handle how these assets are actually priced and settled,” Marcin Kazmierczak, co-founder of RedStone, said. “HYBOND is a strong example of where this market is heading. With verified pricing today and T+0 settlement through RedStone Settle, institutional credit can move from simply being represented onchain to becoming usable within DeFi.”