Tokenized Fixed Income. Led by @abbasali (former JPM Product Head) & @ruchirgupta90 (former GSR Trading MD, fixed income trader)
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Joined June 2025
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A hypothetical onchain vault takes withdrawal requests daily. Its bonds pay coupons on different dates. If requests arrive before the next payment, someone has to decide which cash can leave and which holdings may need to be sold.
If the cash buffer runs short, a bond sale needs a buyer and a price the vault can accept. The withdrawal process also has to allow for settlement. Assign someone to approve the sale and set the rule for requests that cannot be paid on time.
A bond vault is easy to diagram until a price is disputed or a payment is missing.
The useful test is whether the product shows who owns the exception, which actions pause, and what evidence closes it.
Nearly $2tn of US speculative-grade bonds and loans mature within five years. $438bn is due by the end of 2028.
For an onchain bond curator, a usable holding needs more than a maturity date. The review schedule has to start before refinancing becomes urgent.
J.P. Morgan’s 2027 outlook projects 6.1% annualised returns for US investment-grade corporate bonds over the next 10–15 years. Bitcoin comes in at 10%, with projected volatility of 55%, compared with 7.2% for those bonds.
That’s a useful comparison for curators choosing assets for an onchain vault. Daily withdrawals, though, need more than a long-term return forecast. A curator needs to know what the underlying bonds can be sold for, and how quickly, when depositors want their money back.
LSEG has agreed to buy credit-data group Octus for about $3.5 billion.
For onchain curators, credit research continues after a bond is bought. A borrower's finances or debt terms can change, and the position size may need to change with them.
reuters.com/business/finance…
Gyld Finance retweeted
In the long run, I believe DeFi rates will always be below TradFi. Whether we like it or not, there are illicit funds in DeFi that would otherwise earn 0%. They cannot get access to TradFi rates.
The solution here imo is tokenized bonds. @GyldFinance
Malaysia’s central bank has launched SSDS+ for tokenized bond issuance and safekeeping.
For DeFi curators, it raises a broader diligence question: can you trace a bond token to enforceable rights, and identify who maintains the ownership record through to maturity?
BNM Launches SSDS+ Platform for Tokenised Bonds and Sukuk fintechnews.my/61721/blockch… #malaysia #fintech
@ruchirgupta90 took the stage at @token2049 to explain the corporate bond layer we’re building for onchain finance, and what individual US corporate bonds could let curators build.
A bond’s maturity, cash flows and trading liquidity shape where it fits in an onchain portfolio.
Watch both pitches for a closer look at Gyld’s approach:
youtube.com/watch?v=Fvx--mMB…
youtube.com/watch?v=lgo2bTPP…
Reuters, citing the Telegraph, reports that Microsoft has left an Nscale data-center deal.
For onchain bond curators, check payment start dates and termination rights before treating contracted revenue as debt-service cash.
reuters.com/business/media-t…
A vault can show a higher bond yield while its holdings lose value.
CoreWeave's selloff makes this a timely design issue for onchain credit: show coupon cash, market value, and yield separately. A price decline can lift the yield without increasing coupon cash.
AI tremors felt in corporate bond market axios.com/2026/10/15/ai-core…
A two-year bond, financed overnight.
BNY’s tokenized Treasury trade shows why curators need two maturity dates: one for the asset, one for its funding.
For onchain corporate bonds, the coupon may be fixed while the cost of financing the position changes daily.
BREAKING: #BNY completes first-of-its-kind transaction with tokenized assets on major triparty repo platform in collaboration with @Citadel Securities.
A 2-year U.S. Treasury note was #tokenized on BNY's private digital ledger, settled within minutes, and used as collateral in an overnight triparty repo—demonstrating how traditional and digital infrastructure can work together to improve settlement speed and collateral mobility. (1/2)
Release: bny.com/corporate/global/en/…
A bond vault's cash buffer has a jurisdiction.
The FSB flags that stablecoin redemptions can concentrate in one country while reserves sit elsewhere.
Curators should size the buffer around cash they can access, including under cross-border stress.
FSB Chair, Andrew Bailey, outlines the work we are delivering to the #G20 Finance Ministers and Central Bank Governors ahead of their meeting on 15 October.
bit.ly/4hLfvsr
#FinancialStability #AI #Stablecoins #BankResolution #GSIBs
ALT This image features FSB Chair, Andrew Bailey, in formal attire standing next to a quote about the Financial Stability Board's focus on identifying vulnerabilities, strengthening resilience, and adopting innovations safely. The quote is attributed to Andrew Bailey, Chair of the Financial Stability Board. The Financial Stability Board logo is displayed at the bottom.
Gyld Finance retweeted
An absolute pleasure to pitch @GyldFinance on stage at @token2049 last week and make it to the Top 5 out of 1,000+ teams globally!
What struck me most was how much the industry has evolved. From hoodies and memecoins a few years ago to suits and RWAs today. A welcome shift!
And there's perhaps no better time to bring fixed income on-chain.
Bond yields are compelling, and the infrastructure around on-chain markets has matured enormously, from vaults and baskets to fixed-term repo and tokenized asset trading systems. The building blocks are finally in place to make fixed income a truly composable asset class.
Having spent years trading fixed income at Nomura before moving into crypto, it feels like life has come full circle. Except this time, we're building the rails for an entirely new market.
We're gearing up for launch soon. Exciting times ahead!
Morgan Stanley: "We need product."
A curator can draw a maturity ladder on paper. Building it needs investable bonds on each rung.
That's why Gyld is building the corporate bond layer for onchain finance: more portfolio choice, with curators in control of credit selection.
