OpenEden has introduced HYBOND, the first tokenized product linked to BNY Investments’ Global Short-Dated High Yield Bond strategy, expanding the scope of institutional investments available on the chain.
The new token gives qualified investors 1:1 exposure to a managed portfolio of short-term corporate bonds overseen by BNY Investments, a unit of BNY.
The product introduces higher interest rate exposure to a market segment that has so far been dominated by tokenized cash equivalents and treasury strategies. Data from rwa.xyz shows that over $12 billion of the more than $27 billion in the tokenized real-world asset market is US government debt.
HYBOND is issued by OpenEden Digital Limited, a Bermuda-regulated entity licensed under the Digital Asset Business Act, according to a press release on Wednesday.
While BNY Investments acts as an investment manager for the underlying bond portfolio, it has no direct involvement in the token itself, which is managed and issued by OpenEden.
“Tokenization has proven its product market fit for cash equivalents and treasury strategies. HYBOND represents the next step in bringing actively managed corporate bond exposure on-chain within a regulated framework,” said Jeremy Ng, OpenEden’s CEO.
BNY and OpenEden previously collaborated on TBILL, a tokenized US Treasury bond product. HYBOND builds on this relationship by pushing into riskier credit instruments that may appeal to investors seeking greater returns.
By the end of 2025, BNY oversaw $2.2 trillion in assets under management and more than $59 trillion in assets under custody.
