Pricing Credit Onchain: Inside Neuberger’s HINC

TL;DR

• Securitize has tokenized an actively managed high income credit strategy as HINC, with Neuberger Berman Investment Advisers as subadvisor selecting and managing the portfolio
• The fund invests across high yield corporate bonds, CLO debt tranches, and bank loans, sourced in both primary and secondary markets, with no borrowing at the fund level
• RedStone delivers HINC’s NAV data on Ethereum, Avalanche, and Solana, running on TSSO
• Unlike a money market fund engineered to hold a stable share price, HINC’s NAV moves with credit spreads and rating migration, which makes the frequency and provenance of the valuation matter far more

RedStone Brings Onchain NAV to Neuberger’s HINC

Neuberger has brought actively managed credit to the blockchain. HINC is a tokenized high income credit strategy issued on Ethereum, Avalanche, Solana, and Sui by Securitize. RedStone provides the fund’s NAV data onchain through the TSSO standard.

Actively managed credit funds have, until now, lived entirely in traditional credit markets. HINC brings that strategy onchain, investing across the non-investment-grade credit spectrum, including high yield corporate bonds, CLO debt tranches, bank loans, and other high yielding fixed income. 

Eligible investors hold their shares in whitelisted wallets tied to verified identities, with Securitize serving as the fund’s tokenization platform and transfer agent. Securitize Capital is the investment advisor, Neuberger Berman Investment Advisers is the subadvisor running the portfolio, and BNY is the custodian.

Neuberger Berman is an independent, employee-owned investment manager running $567 billion across equities, fixed income, and private markets. Its Non-Investment Grade Credit team, which subadvises HINC, has run non-investment-grade credit for years, but HINC is the first time it has been available onchain. 

Inside HINC’s Actively Managed Credit Strategy

Tokenized Treasury funds like BUIDL and VBILL provide a low-risk vehicle for idle capital already parked onchain, firms looking to earn a return without exiting the digital asset space or absorbing the risks of decentralized lending markets. 

HINC is a different kind of strategy. It’s a tokenized high income fund managing non-investment-grade credit assets. Most of it is high yield corporate bonds and bank loans, debt issued by companies rated below investment grade and that pay higher coupons because of the high default risk associated with them. 

HINC also invests in collateralized loan obligations (CLOs). A CLO takes a large pool of corporate loans and repackages them into layers, called tranches, that are paid back in a set order: the safest tranches first, the riskiest last. HINC holds the middle layers, paid before the riskiest slice but after the safest. 

The rest of the portfolio is made up of other high-yielding fixed income assets, all of them below investment grade. HINC’s yield comes mainly from coupon income, the interest paid on the credit it holds. The subadvisor may also buy credit it perceives to be underpriced and sell once the market re-rates it, though that can lose money as easily as make it when the call is wrong.

All of it adds up to a portfolio whose value is always moving. Credit spreads shift, ratings migrate, and loans default. Unlike a Treasury fund, HINC’s NAV is not a number that mostly sits still.

Why a Moving NAV Is the Harder Pricing Problem

A tokenized Treasury fund holds short-dated government debt. Its value is predictable. Some funds hold the price at $1.00 and pass that yield on as new tokens, so a holder’s balance grows. Others keep the token count fixed and let the price rise. Either way, the value climbs steadily as interest accrues driven by a known rate.

HINC’s holdings are repriced constantly by the credit market as spreads move and borrowers are re-rated. Its NAV can rise and drop from day to day for reasons no one outside the fund can see coming. The value can’t be hardcoded and can’t be estimated, because there’s no rate to project and no market price to read. 

The only figure that exists is the one the administrator strikes each day. RedStone makes that figure cryptographically verifiable by fetching the struck NAV and delivering it onchain through the Trusted Single Source Oracle (TSSO) standard. 

RedStone’s HINC Feeds and the TSSO Standard

The NAV feeds for HINC are live on Ethereum, Avalanche, and Solana both through the push and pull models. HINC’s NAV data is delivered through the TSSO standard, co-designed by RedStone and Securitize for tokenized assets with no continuous market price. 

TSSO was designed in 2025 with this specific asset class in mind. Where a crypto asset trades on multiple venues that can be aggregated to filter out manipulation and bad data, a fund NAV has only one authoritative source. With nothing to aggregate, TSSO focuses on making that single figure verifiable instead.

Each NAV update is chained, signed, and timestamped, producing cryptographic proof of what the value was and when it was published onchain, so a protocol referencing the feed can establish provenance rather than taking the number on trust. The same standard prices BUIDL, ACRED, HLSCOPE, VBILL, STAC, and now HINC.

From BUIDL to HINC: RedStone Across the Securitize Fund Family

RedStone has been Securitize’s primary oracle partner since March 2025, delivering NAV data for BlackRock’s BUIDL, Apollo’s ACRED, Hamilton Lane’s HLSCOPE, VanEck’s VBILL, Securitize’s own STAC, and most recently BlackRock’s BRSRV. 

That work has consistently unlocked utility beyond the initial issuance. VBILL and STAC are live as collateral in Euler through KPK’s USDC Prime RWA vault, priced daily via the KPK Oracle Router. In June 2026, Ethena committed $250M to STAC and brought it into USDe’s collateral base.

RedStone also prices Securitize’s tokenized equities, running end-of-day feeds for CURR, the tokenized Nasdaq listing of Currenc Group, and for FG Nexus’s FGNX and FGNXP. SECZ is the newest and the largest, Securitize’s own NYSE-listed stock, tokenized on Avalanche and Solana from its listing day. 

RedStone pioneered daily onchain NAV updates for tokenized credit assets that had historically relied on quarterly cycles, starting with ACRED and HLSCOPE. HINC extends that to an actively managed high yield strategy, where the case for verifiable, onchain valuation is stronger than anywhere it has been applied so far.

About RedStone

RedStone is the data layer for institutional onchain finance, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.

About Securitize

Securitize, the leader in tokenizing real-world assets, is bringing the world onchain through tokenized funds in partnership with top-tier asset managers, such as Apollo, BlackRock, Hamilton Lane, KKR and others. Securitize, through its subsidiaries, is an SEC-registered broker dealer, digital transfer agent, fund administrator and operator of an SEC-regulated Alternative Trading System (ATS). For more information, please visit www.securitize.io.

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