OSL Group has been engaged to tokenize and distribute USDGO Plus SP, a Hong Kong professional-investor fund that seeks to earn returns from crypto derivatives funding rates while keeping exposure neutral to cryptocurrency price moves. The arrangement places OSL at the center of the fund’s custody, tokenization and distribution structure, with subscriptions and redemptions available through its Hong Kong-licensed trading platform.
USDGO Plus SP is a segregated portfolio of PrimePlus SPC, a Cayman Islands segregated portfolio company, and was launched on the 2WA ecosystem in August 2026. According to an Oct. 8 statement, the fund is described as the first market-neutral product built around USDGO, a dollar-backed stablecoin issued by Anchorage Digital Bank N.A.
The offering is limited to clients classified as professional investors in Hong Kong. It has not been authorized by the Securities and Futures Commission under Section 104 of the Securities and Futures Ordinance, and its offering documents have not been reviewed by a Hong Kong regulator.
OSL takes custody and distribution roles
OSL will place the fund’s units on-chain, allowing the ownership interests to be represented digitally on a blockchain network. It will also serve as custodian and distributor for the tokenized units, while the USDGO used within the product will be held in custody by OSL.
That structure connects a Cayman fund vehicle to a regulated Hong Kong digital-asset platform. Eligible clients can subscribe to or redeem fund units through the OSL HK app, according to the company. The fund offers daily dealing and daily net asset value updates, rather than using the less frequent subscription cycles common among many traditional alternative funds.
An optional T+0 express redemption facility is scheduled for later in October. T+0 generally refers to settlement on the same business day, potentially giving qualifying holders quicker access to proceeds than a standard redemption process. The statement did not specify the conditions, fees or liquidity limits that would apply to the planned feature.
OSL said it maintains more than US$1 billion in digital-asset insurance coverage in Hong Kong and has obtained multiple security certifications. Those safeguards address operational and custody risks, though they do not remove trading losses generated by the fund’s strategy or losses arising from changes in derivatives-market conditions.
Fund targets derivatives funding-rate spreads
USDGO Plus SP pursues a market-neutral strategy built around funding rates in crypto derivatives markets. Perpetual futures contracts use periodic funding payments between long and short traders to help keep contract prices aligned with the underlying spot market. A strategy designed to capture those payments may pair offsetting positions, seeking to reduce sensitivity to whether the price of Bitcoin, Ethereum or another cryptocurrency rises or falls.
The approach shifts the fund’s main performance driver away from directional price appreciation and toward the persistence of favorable spreads in derivatives markets. It can appeal to professional traders seeking yield from stablecoin balances without taking a straightforward long position in volatile crypto assets.
The strategy is not a fixed-income product, and its advertised returns depend on market conditions that can change quickly. The statement warned that funding rates can turn negative, which could reduce returns or create losses. Costs, execution quality, counterparty exposure, liquidity conditions and the use of leverage in derivatives markets can also affect the outcome of a market-neutral portfolio.
As of Oct. 7, USDGO Plus SP had delivered a 16.67% return since inception, according to the statement. Its annualized return over the preceding 30 days was 17.05% before relevant fees. Since the fund launched in August, both figures reflect a short operating period and should not be read as a long-term performance record.
The product’s fee-adjusted results may differ from the figures cited by OSL, which were presented before relevant charges. The company also cautioned that past performance does not indicate future results and that digital-asset fund participants could lose their entire investment.
USDGO links the fund to a federally chartered issuer
USDGO is described in the statement as a U.S. federally regulated, U.S. dollar-backed enterprise stablecoin. Anchorage Digital Bank N.A., identified as its issuer, is a federally chartered crypto bank in the United States. OSL is listed as USDGO’s brand operator and distributor.
The stablecoin is intended to maintain a one-to-one value against the U.S. dollar and is described as backed by high-quality liquid reserves, including cash and short-term U.S. Treasury securities, with third-party audits. In the fund structure, USDGO functions as the base asset supporting subscriptions, redemptions and the strategy’s stablecoin-denominated operations.
Stablecoin design remains relevant even for a portfolio that avoids directional cryptocurrency exposure. A disruption to a stablecoin’s liquidity, redemption process or reserve management could affect a fund’s ability to process transactions or maintain its intended valuation framework.
Hong Kong rules limit access to professional clients
OSL said the products referenced may constitute “specified stablecoins” under Hong Kong’s Stablecoin Ordinance, or Cap. 656. The company stated that the relevant issuers and OSL Digital Securities Limited are not licensed under that ordinance to conduct regulated stablecoin activities in Hong Kong.
OSL Digital Securities Limited is instead described as a permitted offeror under the ordinance. The company said it offers the products and related services in Hong Kong only to clients it has verified and accepted as professional investors.
The distinction places USDGO Plus SP within Hong Kong’s developing framework for tokenized financial products while preserving restrictions on retail distribution. Professional-client eligibility, rather than a public fund authorization, remains the gateway to the offering.
The launch also extends OSL’s involvement in tokenized investment structures beyond spot digital-asset trading and custody. By combining on-chain fund units, stablecoin custody and app-based dealing, the arrangement gives eligible Hong Kong clients a digital route into a derivatives-based strategy whose returns will depend less on cryptocurrency prices than on the durability of funding-rate spreads.
To understand how funding-rate yields work in crypto, explore our guide on funding rates in crypto today.
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