The integration will also expand through RedStone Settle, which is designed to allow the tokenised HYBOND fund to be used as collateral on-chain.
OpenEden has integrated RedStone’s pricing infrastructure to power its HYBOND tokenised bond fund on BNB Chain.
HYBOND provides eligible institutional investors with 1:1 on-chain exposure to the BNY Mellon Global Short-Dated High Yield Bond Fund, which invests in short-dated, non-investment-grade corporate bonds.
The integration will see RedStone’s price feed reflecting the value of the fund onto BNB Chain in a verifiable format, allowing external protocols to work with the asset. The integration is also scheduled to expand through RedStone Settle, which will allow HYBOND to be used as collateral within lending markets and money market protocols across BNB Chain.
Marcin Kazmierczak, Co-Founder of RedStone, said: “HYBOND is a strong example of where this market is heading. With verified pricing today and T+0 settlement through RedStone Settle, institutional credit can move from simply being represented on-chain to becoming usable within DeFi.”
Jeremy Ng, Founder and CEO of OpenEden, commented: “With HYBOND, we want to broaden the range of financial products those builders can create around professionally managed bond exposure, and RedStone provides the verifiable valuation data they need to bring them to market.”
HYBOND is the third tokenised credit fund RedStone has priced this year, following Neuberger Berman’s HINC, issued by Securitize, and NYLIM’s HYB, issued by Centrifuge.
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