RedStone will supply daily NAV data for Neuberger Berman's HINC high-yield credit fund across Ethereum, Avalanche, Solana, and Sui, pushing tokenized private credit deeper into DeFi.
RedStone will deliver daily net asset value data for the Neuberger Securitize High Income Tokenized Fund across four blockchains, the oracle provider said on August 18.
The HINC fund, an actively managed high-yield credit strategy subadvised by Neuberger Berman, invests in corporate bonds, CLO debt tranches and bank loans. Those assets reprice with credit spreads and default risk, which makes accurate onchain NAV harder than it is for a Treasury bill fund. Most tokenized funds to date have targeted short-duration Treasuries or money-market instruments where the NAV stays near $1 per token. HINC does not work that way.
RedStone is pushing the NAV updates across Ethereum, Avalanche, Solana and Sui. The data follows a standard called the Trusted Single Source Oracle, or TSSO, developed jointly with Securitize, the tokenization platform that issued HINC. Each data point is cryptographically signed and timestamped before it hits any chain, creating a traceable link back to the fund administrator, RedStone said.
The oracle provider has previously supplied NAV feeds for BlackRock's BUIDL and BRSRV, VanEck's VBILL and Apollo's ACRED. BUIDL scaled from hundreds of millions to more than $1.8 billion in tokenized supply while the feeds were running. HINC adds a new dimension because its NAV fluctuates actively rather than staying pegged near a fixed value.
High-yield bonds reprice when credit conditions shift. CLO tranches carry structural complexity. Bank loans have floating rates and covenant nuances. The NAV of a fund holding these assets can move meaningfully in a single trading session, which is why no secondary market pricing exists for it. Without a benchmark price from a liquid exchange, the fund administrator's daily NAV calculation is the only authoritative figure available.
That creates a vacuum that oracles exist to fill. If HINC shares are ever used as collateral in a DeFi lending protocol, the protocol needs to know what those shares are worth at any given moment. RedStone's cryptographic signing approach is designed to eliminate that gap.
Securitize's role as both the fund issuer and co-developer of the TSSO standard creates alignment between what the data represents and how it gets transmitted. For Neuberger Berman, distributing an actively managed credit strategy in tokenized form and publishing daily NAV onchain demonstrates that traditional asset managers can operate natively within blockchain infrastructure, the companies said.
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