NYLIM and Centrifuge launch HYB tokenized U.S. high-yield share class with USDC settlement
New York Life Investment Management (NYLIM) and Centrifuge launched a tokenized U.S. high-yield share class, HYB, on June 30, 2026, with subscriptions and redemptions settling in USDC while the underlying bonds remain offchain. Ethena said it will include Janus Henderson’s tokenized AAA CLO exposure (JAAA) in USDe’s reserve mix, with per-position caps around $310 million. Tokenized real-world assets reached about $31.8 billion by early June 2026, with bonds and money market funds driving much of the growth, according to Binance Research. The article examines how defaults are marked, how NAV is updated, and how redemption limits can be applied in tokenized credit products.