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Bybit RWA Earn gives eligible users direct access to tokenized real-world financial products using the USDC (USDC) stablecoin. It bridges institutional-grade investment strategies with crypto-native accounts. One of the launch products in this category is CMIGB Fund, formally CMB International Investment Grade Bond Fund. It’s a professionally managed fixed-income portfolio with a strong focus on Asian credit markets, run by CMB International Asset Management Ltd. For users looking to diversify beyond crypto-native yield, it represents a distinct allocation option within RWA Earn.
Key Takeaways:
CMIGB Fund is an institutional investment-grade bond fund accessible through Bybit RWA Earn using USDC.
Managed by CMB International Asset Management Ltd, a subsidiary of China Merchants Bank, the fund features deep expertise in Asian fixed-income markets.
This is not a principal-protected product. Returns are NAV-driven, so it’s imperative to understand the risks of Asian credit concentration before you decide to subscribe.
The name CMIGB Fund refers to CMB International Investment Grade Bond Fund, an institutional fixed-income vehicle domiciled in Hong Kong. Its objectives are stable income and capital preservation through exposure to investment-grade bonds, with a strong tilt toward Asian credit issuers.
The term “investment-grade” means bonds rated BBB + (or above) by major credit rating agencies. These are generally considered lower-risk than high-yield bonds, because issuing entities are assessed as having sufficient capacity to meet their debt obligations.
The fund’s current portfolio characteristics reflect a moderate duration profile:
Average credit rating of BBB+
Average duration of approximately 3.6 years
Yield to maturity (YTM) of roughly 5.53%
The shorter duration limits interest rate sensitivity relative to longer-duration bond funds, though it doesn’t eliminate it. That combination positions CCMIGBBond Fund at the more conservative end of the RWA Earn lineup.
CMB International Asset Management CMIGB (CMBI AM) the fund manager, operates as a subsidiary of CMB International Capital Corporation Limited within China Merchants Bank, one of China's largest and most established banking groups. This institutional backing gives CMBI AM access to both a broad credit research network and deep relationships across Asian fixed-income markets.
The fund’s custodian is CMB Wing Lung (Trustee) Ltd.CMIGBI AM's investment focus spans fixed income, equities and multi-asset strategies, but its core competency lies in Asian credit. For Bybit users, this means active credit selection by a team with embedded knowledge of Asian issuers, including mainland China-related credits, rather than passive index exposure.
The fund runs an actively managed strategy that concentrates on investment-grade fixed-income instruments, with a geographic bias toward Asian credit markets. Core allocations span investment-grade corporate bonds from Asian issuers, government and quasi-government bonds, and financial institution bonds.
While its core strategy centers on investment-grade debt, a minority portion may be allocated to non–investment grade instruments, raising default risk beyond what the average BBB+ rating implies. Naturally, along with the higher risk, non–investment grade allocations may also improve the fund’s return potential.
The heavy focus on Asia also means the portfolio carries significant exposure to mainland China–related issuers, which introduces geopolitical, regulatory and credit concentration risks specific to that market. Underlying instruments may additionally be denominated in non-USD currencies, adding foreign exchange exposure that affects your effective return in USDC terms, regardless of bond performance.
For crypto-native users, the fund’s core proposition is to grant access to a professionally managed Asian investment–grade bond portfolio without requiring a traditional brokerage account or institutional capital thresholds. You simply subscribe using USDC directly from Bybit, thus bypassing many of the onerous capital and regulatory requirements imposed by the traditional finance system.
Compared to leveraged products or higher-yield alternatives available on Bybit RWA ECMIGB such as the PIMCO Dynamic Income Opportunities Fund (PDO), CMBI carries a lower volatility profile by design.
A yield to maturity (YTM) of around 5.53% is generated from real-world bond income, rather than token emissions, making the return source structurally uncorrelated with crypto market cycles. This provides a great cross-asset portfolio diversification opportunity.
CMIGB AM's institutional expertise in Asian fixed income, backed by China Merchants Bank’s credit network, underpins the active management approach for the fund by an entity with deep expertise in regional markets.
Importantly, this is not a product for short-term positioning or capital growth. Instead, it suits users seeking conservative real-world yield with Asian credit exposure who accept that concentration risk is part of the profile. While the primary focus on Asia might mean a concentration risk, it’s also a great tool for investors seeking international diversification away from North American or European markets.
CMIGB Fund follows a batch-processing model. You subscribe using USDC. Subscriptions are processed approximately every 24 hours at UTC 0. Once your subscription is processed, you receive product shares calculated at the fund's NAV at that time.
Your holding value moves with the fund's current NAV (that is, the number of shares held is multiplied by the prevailing NAV per share). Returns are generally reflected through NAV appreciation over time, rather than periodic cash distributions to your account. Redemptions are also batch-processed and typically settle within 1–7 business days, reflecting the settlement timelines of the underlying real-world assets.
The minimum subscription is 10,000 USDC, while the maximum limit is 5,000,000 USDC. Regional eligibility restrictions apply, and individuals and entities on Bybit's service-restricted countries list are not eligible for this product.
Asian credit concentration is the most obvious risk with this product. Significant exposure to Asian issuers (particularly mainland China–related credits) means that regional economic slowdowns, credit events or policy changes can have a disproportionate impact on NAV relative to a globally diversified bond fund.
Moreover, Mainland China–specific uncertainty adds a critical consideration factor. Geopolitical developments, regulatory shifts and domestic credit market disruptions can affect issuer creditworthiness abruptly, and are difficult to price in advance.
The non–investment grade allocation, even as a minority position, raises default risk above what the average BBB+ rating suggests. Interest rate risk remains a factor because rising rates reduce bond market values. While the approximately 3.6-year duration limits this sensitivity, it does not remove it.
No principal protection applies for this product. NAV fluctuates regularly, meaning that you may receive less than you invested upon redemption. The 1–7 business day redemption window also limits your ability to exit quickly in response to market events.
Finally, currency risk also applies whenever underlying assets are denominated in non-USD currencies, directly affecting your effective return in USDC terms.
CMIGB Fund gives eligible Bybit users access to a professionally managed Asian investment–grade bond portfolio via RWA Earn using USDC. It carries no principal protection and no guaranteed yield, and your returns depend entirely upon NAV performance, which can move in either direction.
CMIGB Bond Funrucial to understand three factors: how NAV mechanics affect your holding value, what Asian credit concentration and Mainland China exposure mean during regional stress, and how the redemption window limits your exit flexibility. Within RWA Earn, this fund sits at the more conservative end relative to PDO. Naturally, it’s not risk-free, and the fund’s Asian credit focus means that it behaves differently from globally diversified bond products.
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