Real-world asset tokenization platform OpenEden said Wednesday it has issued the first tokenized product tied to a high-yield bond strategy managed by BNY Investments.

The product, dubbed HYBOND, is designed to provide eligible investors with 1:1 exposure to BNY Investments’ Global Short-Dated High-Yield Bond strategy. BNY Investments, part of BNY (NYSE: BK), serves as investment manager for the underlying assets, according to a statement shared with The Block.

OpenEden said the introduction of HYBOND expands tokenized solutions for investors seeking to move up the credit curve beyond the cash-equivalent and government bond products that defined the initial phase of institutional blockchain adoption.

"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," OpenEden CEO Jeremy Ng said in the statement. "By working with BNY Investments, we are offering qualified investors access to top-tier fixed-income strategies combined with the programmability that digital asset infrastructure provides."

Founded in 2022, OpenEden operates a real-world asset tokenization platform. The firm provides onchain access to tokenized RWAs through regulated entities in Bermuda and the British Virgin Islands, per the statement.

The launch deepens the platform’s ties with BNY. OpenEden said the bank was recently appointed as investment manager and primary custodian for the underlying assets of OpenEden’s TBILL Fund, a tokenized treasury product.

BNY serves over 90% of Fortune 100 companies and nearly all of the top 100 banks globally, according to the firm. The bank has operated for more than 240 years. As of Dec. 31, 2025, BNY oversaw $59.3 trillion in assets under custody and administration and $2.2 trillion in assets under management.