New York Life Investment Management and Centrifuge plan to use tokenization (creating blockchain-based representations of assets) for a U.S. high-yield corporate bond strategy on Avalanche. Qualified institutional buyers will be able to subscribe to and redeem the product using USDC. The initiative is not designed as a retail crypto offering; Centrifuge is supplying infrastructure for an institutional strategy managed by NYLIM, which oversees more than $300 billion in assets. Avalanche will provide blockchain-based settlement and ownership functions, while USDC will serve as the digital-dollar mechanism for transactions. The September 17 announcement extends institutional blockchain activity beyond tokenized Treasury products into actively managed credit strategies, which carry a different risk and return profile.