Stellar now offers tokenized high-yield corporate bonds through HYB and deHYB, developed by New York Life Investment Management and the Centrifuge platform. HYB, the tokenized fund launched on June 30, 2026, held approximately $637,000 in onchain assets as of mid-October 2026, while its permissionless DeFi wrapper, deHYB, managed roughly $157,000. The fund received an « A » rating from Particula in August 2026 and has expanded to Avalanche, Solana and now Stellar, signaling a multi-chain distribution strategy. Credit risk remains unchanged by tokenization, and the coexistence between the fund’s restricted legal structure and its permissionless wrapper is drawing increasing scrutiny.
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