OpenEden has launched HYBOND, a tokenized product that brings short-dated, high-yield corporate bond exposure on-chain — a notable expansion beyond the tokenized T-bills and cash equivalents that have dominated the real-world asset (RWA) space.
HYBOND provides qualified investors with 1:1 exposure to BNY Investments’ Global Short-Dated High-Yield Bond strategy, giving direct on-chain access to a managed portfolio of short-dated corporate bonds. BNY Investments — a unit of BNY — acts as the investment manager for the underlying portfolio, but OpenEden is solely responsible for issuing and managing the token itself, the company said in a Wednesday press release.
The token is issued by OpenEden Digital Limited, a Bermuda-regulated entity licensed under the Digital Asset Business Act, signaling a regulated approach to bringing institutional credit products to the blockchain. “Tokenization has proven its product market fit with cash-equivalent and treasury strategies. HYBOND represents the next step by bringing actively managed corporate bond exposure on-chain within a regulated framework,” said Jeremy Ng, OpenEden’s CEO.
HYBOND marks a shift in the tokenized RWA market, which remains heavily weighted toward U.S. Treasury debt: data from rwa.xyz shows more than $12 billion of the roughly $27 billion in tokenized RWA are U.S. Treasuries. OpenEden and BNY first partnered on TBILL, a tokenized U.S. Treasury bill product; HYBOND builds on that relationship by moving into higher-yield, higher-credit-risk corporate instruments that may attract investors seeking greater returns than cash-equivalent options.
BNY’s scale underscores the institutional pedigree behind the strategy: as of year-end 2025, the firm oversaw $2.2 trillion in assets under management and more than $59 trillion in assets under custody. HYBOND signals growing appetite to diversify on-chain fixed income beyond ultra-safe treasuries, while also bringing regulated, actively managed corporate credit to qualified crypto investors.
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