OpenEden is bringing its tokenized HYBOND credit fund to BNB Chain, with RedStone supplying verified pricing data and planned settlement infrastructure for decentralized finance applications, the company announced on 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, which is part of BNY, manages the underlying assets, while the HYBOND product provides 1:1 exposure via blockchain-based tokens.
As part of this network expansion, RedStone's oracle will deliver HYBOND’s administrator-struck net asset value (NAV) onchain in a format usable by smart contracts. This deployment marks HYBOND's first network expansion following its initial launch on Ethereum.
Additionally, the companies plan to deploy RedStone Settle, which aims to provide T+0 settlement for tokenized fund collateral by linking HYBOND holders with KYC-verified liquidity providers capable of absorbing the fund’s multi-day redemption cycle.
“We see tokenization as a way to put traditional investment strategies into the hands of on-chain builders,” OpenEden Founder and CEO Jeremy Ng stated regarding the integration.
This deployment is RedStone's third tokenized credit fund pricing integration of the year, following previous deployments for Neuberger Berman's HINC and NYLIM's HYB. OpenEden noted that the fund's expansion signifies a shift past tokenized fixed-income products centered strictly on Treasuries and cash-equivalent assets.
