Hong Kong digital asset platform OSL Group (HKEX: 863) has been engaged to power the on-chain tokenization of PrimePlus SPC – USDGO Plus SP, a digital asset fund launched by 2WA and built on the U.S. dollar-backed USDGO stablecoin. The company announced the mandate on October 8, 2026, positioning the fund as the first market-neutral vehicle developed around USDGO for eligible professional investors in Hong Kong.
Under the arrangement, OSL will also provide licensed custody and distribution for the fund’s tokenized units, while the underlying USDGO is held in custody with OSL. The move extends Hong Kong’s institutional stablecoin push beyond payments. For example, HSBC, Hong Kong’s Largest Bank, Names Stablecoin ‘RedCoin’ shows how large financial institutions are now attaching their brands to regulated stablecoin infrastructure.
How USDGO Plus SP targets market-neutral returns
USDGO Plus SP seeks to generate returns by capturing funding-rate spreads in crypto derivatives markets rather than relying on directional price movements. Because the fund is a segregated portfolio of 2WA PrimePlus SPC, a Cayman Islands segregated portfolio company, its structure separates the tokenized product wrapper from the underlying assets. The fund debuted on the 2WA ecosystem in August 2026, with USDGO itself kept under OSL custody along with the tokenized fund units. This model reflects a broader regional shift toward regulated on-chain settlement covered in the Asia Crypto Roundup: Stablecoin Safeguards and On-Chain Settlement.
Hong Kong’s eligible professional investors can subscribe to and redeem from the fund daily through the OSL HK licensed digital asset trading app. As of October 7, the fund reported a 16.67% return since inception and a 17.05% annualized return over the trailing 30 days, before relevant fees. Those figures cover a short operating history and describe a strategy that still depends on derivatives-market funding dynamics. The tokenized distribution approach sits alongside regional onchain fiat experiments such as KRWQ Plans Onchain Korean Won Access for Digital Markets, though USDGO Plus SP is aimed squarely at professional rather than general users.
What the tokenized fund signals for institutional access
For OSL, the mandate strengthens its position as a regulated bridge between tokenized fund units and stablecoin custody. For institutional participants, it demonstrates how a licensed platform can combine daily subscriptions and redemptions with on-chain representation while keeping access limited to professional investors. The test will be whether the market-neutral return profile and operational redemption mechanics remain consistent through changing funding-rate conditions, and whether Hong Kong regulators accept more stablecoin-based fund structures built on this template.
