MUBOND, issued by Mu Digital, is a yield-bearing tokenized credit-fund token representing the first-loss tranche of an onchain credit protocol deploying capital into a portfolio of Asia-Pacific fixed-income and private-credit assets. [S1][S2]

MUBOND tracks a credit fund of USD-denominated Asia-Pacific assets: government bonds (minimum BBB), investment-grade corporate bonds (minimum BBB-), bank bonds including G-SIBs, high-yield bonds (minimum BB), and direct private credit. [S3][S1][S4] As the first-loss tranche, MUBOND receives approximately 10 to 20% of net pool yield and accrues total-return value through periodic price repricing, initially weekly, reflecting accrued yield and mark-to-market changes. [S1][S2] A performance fee of 10% of realized net yield applies; no management fee, principal fee, mint, or redemption fee is charged. [S5]

Mu Digital operates the protocol in partnership with Golden Hill Asset Management (GHAM), a Singapore-regulated fund manager that manages the underlying portfolio. [S4] MUBOND is characterized as a credit-backed USD yield token representing the first-loss credit tranche, protecting the senior AZND tranche from losses. [S1][S2] Direct minting and redemption require KYC clearance and are limited to approved counterparties, while permissionless secondary trading is available via DEX partners. [S6][S7] Redemptions enter a weekly queue settling in approximately 7 calendar days via the Singapore fund partner, with sub-threshold amounts available immediately from an onchain liquidity buffer in stablecoin. [S6][S8] Underlying assets sit in a regulated vehicle with TradFi custodians. [S4]

MUBOND is an ERC-20 token issued natively on Ethereum and Monad. [S9] Users mint by transferring USDC, USDT, or AUSD and receive MUBOND at current NAV almost instantaneously, with tokens sent directly to the user wallet. [S6][S8] NAV accounting is provided by Pennyworks, and MUBOND reprices periodically, initially weekly, to reflect NAV and accrued yield. [S2][S10]

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    { id: "S1", url: "https://docs.mudigital.net/protocol-overview/how-it-works.md" },
    { id: "S2", url: "https://docs.mudigital.net/protocol-overview/mubond.md" },
    { id: "S3", url: "https://mudigital.net/" },
    { id: "S4", url: "https://docs.mudigital.net/mechanics/how-we-generate-yield.md" },
    { id: "S5", url: "https://docs.mudigital.net/mechanics/fees.md" },
    { id: "S6", url: "https://docs.mudigital.net/protocol-overview/asia-dollar-aznd/mint-redeem.md" },
    { id: "S7", url: "https://docs.mudigital.net/legal/terms-of-use.md" },
    { id: "S8", url: "https://docs.mudigital.net/protocol-overview/mubond/mint-redeem.md" },
    { id: "S9", url: "https://docs.mudigital.net/technical-reference/smart-contract-architecture/smart-contract-addresses.md" },
    { id: "S10", url: "https://docs.mudigital.net/mechanics/transparency-and-reporting.md" },
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Tokenized funds

Mu Digital tokens are minted against USD-equivalent reserves and underlying credit-strategy positions; secondary liquidity is provided via Monad-native AMMs and DEXes (Curve, Balancer V3, Uniswap V4).

Mu Digital issues a suite of Monad-native tokenized assets including the AZND USD-stablecoin, the muBOND yield-bearing credit-fund token, and the LOAZND locked yield product.

Mu Digital is a tokenization platform building on-chain fund and stablecoin infrastructure, deploying institutional products on the Monad blockchain.

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Real-world asset (RWA) issuers

Mu Digital

Mu Digital muBOND (MUBOND) is a tokenized fund share issued by Mu Digital and managed by Golden Hill Asset Management.

The fund is closed-ended, invests in government debt, corporate credit, and private credit in Asia-Pacific excluding Japan, and charges a 0% annual management fee.

Its assets are administered by Pennyworks.

There is no direct issuance route; the token is acquired on secondary markets.

MUBOND has been issued on Monad as an ERC-20 token since November 2025.

Mu Digital muBONDMUBOND

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