OpenEden brings BNY high-yield bond fund to BNB Chain with RedStone

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. “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 financ...