OpenEden has expanded its tokenized credit product HYBOND onto BNB Chain, pairing the deployment with RedStone’s pricing and planned settlement tools.
The move marks the fund’s first network expansion after its original launch on Ethereum and brings a BNY-managed high-yield bond strategy into a larger on-chain environment.
HYBOND gives eligible institutional investors tokenized, one-to-one exposure to the BNY Mellon Global Short-Dated High Yield Bond strategy.
BNY Investments continues to manage the underlying portfolio, while the fund shares that back the tokens remain in custody with BNY.
The strategy is a large institutional credit product of about $2.4 billion, with a track record of nearly a decade.
It invests in a globally diversified book of short-duration, high-yield corporate bonds and has historically outperformed a SOFR cash benchmark.
OpenEden, a Bermuda-regulated tokenization platform, issues the tokens through OpenEden Digital Limited.
Access is limited to qualified institutional investors.
Until now, much of the tokenized fixed-income market has centered on Treasuries and other cash-like assets.
HYBOND steps further out on the risk-and-return spectrum by offering exposure to non-investment-grade corporate credit, with the potential for higher yield and greater credit risk.RedStone supplies the data layer that makes the product usable on BNB Chain.
Its price feed publishes the fund administrator’s net asset value onchain in a verified, smart contract-readable form.
That NAV is the official valuation of the underlying portfolio, so protocols, wallets, and counterparties can rely on the same number the fund itself uses.
Accurate, independently attested pricing is essential if the token is to serve as collateral, support liquidations, or plug into lending and other DeFi applications.
The companies also plan to integrate RedStone Settle.
That service is designed to connect HYBOND holders with KYC-verified liquidity providers that can absorb the fund’s conventional multi-day redemption cycle.
The goal is T+0 settlement for liquidations and redemptions, so the asset can function more like liquid on-chain collateral rather than a traditional fund share with delayed cash settlement.
For BNB Chain, the listing adds a regulated, institutionally managed credit product to an ecosystem already known for high activity and a large user base.
For OpenEden, it is a geographic and technical expansion of a product that already exists on Ethereum.
For RedStone, HYBOND is another tokenized credit fund whose NAV it prices onchain, following earlier work with other managers this year.
The combination of a long-running BNY credit strategy, a regulated token issuer, and an oracle that can both publish NAV and, later, support faster settlement is aimed at making high-yield bond exposure more composable.
Eligible holders can keep economic exposure to the underlying portfolio while using the token in on-chain markets that require reliable prices and, eventually, quicker exit paths.
The product remains restricted to eligible investors and is not a public offering in the United States or other restricted jurisdictions.
As with any credit strategy, performance depends on the bond market, issuer credit quality, and interest-rate conditions.
The BNB Chain deployment does not change those fundamentals; it changes where and how the tokenized claim on the fund can be held, priced, and, in time, used.
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