BNY Tokenized Bond Fund Gets NAV Oracle on BNB Chain with RedStone Partnership

OpenEden and RedStone have joined forces to enhance HYBOND's infrastructure on BNB Chain. The partnership has led to the launch of a net asset value (NAV) oracle for HYBOND, which is the first tokenized bond fund from BNY Mellon available on that network.

The NAV oracle pulls the fund's declared NAV directly from BNY Investments and authenticates it as an independent third party. It then publishes signed updates that can be verified on-chain, ensuring that protocols read exactly the same NAV that the fund declares.

Jeremy Ng, founder and CEO of OpenEden, stated that HYBOND aims to expand the range of financial products that on-chain developers can build around exposure to professionally managed bonds. Marcin Kazmierczak, co-founder of RedStone, noted that tokenized credit is evolving beyond cash-equivalent assets.

OpenEden and RedStone plan to deploy RedStone Settle for HYBOND, which will enable T+0 settlement by connecting holders and lending markets with verified liquidity providers. The deployment on BNB Chain will be followed by the expansion of the NAV oracle and Settle infrastructure to additional networks, including Ethereum.