A Hong Kong fund that tries to earn yield without betting on crypto prices now lives on Solana.
2WA has tokenized its USDGO Plus SP fund on the Solana blockchain. OSL Group (HKEX: 863) is handling custody and announced the move on October 8, 2026. 2WA describes the product as the first market-neutral fund built on a US dollar-backed stablecoin.
What 2WA and OSL actually launched
The fund’s formal name is PrimePlus SPC’s USDGO Plus SP. 2WA developed it and launched it in August 2026. It runs on USDGO, a stablecoin backed by the US dollar.
Access is not open to everyone. Only eligible professional investors in Hong Kong can buy in.
Investors reach the fund through the OSL HK app. The app shows real-time net asset value (NAV) updates, so holders can see what their units are worth at any moment.
Subscriptions and redemptions happen daily. A T+0 express redemption feature is planned for late October 2026.
Advertisement
OSL holds the fund’s assets, including the underlying USDGO. Its Hong Kong custody operation carries over $1 billion in digital asset insurance coverage.
How a market-neutral crypto fund makes money
The strategy centers on funding-rate arbitrage across crypto derivatives markets. The fund deliberately steers clear of directional positions.
In perpetual futures markets, traders on one side usually pay traders on the other side a periodic fee. That fee is called the funding rate. It exists to keep the contract’s price anchored near the price of the underlying asset.
The early numbers look healthy. As of October 7, 2026, the fund reported a 16.67% return since inception. Its annualized return over the prior 30 days was 17.05% before fees.
For context, the fund launched in August 2026. So the 16.67% figure covers only a short window. Thirty-day annualized figures can also swing quite a bit, since they extrapolate one month into a full year.
Why tokenizing a traditional fund matters
The key structural point is that the tokenized units sit inside a traditional fund vehicle. The blockchain layer does not replace the regulated wrapper. It runs on top of it.
OSL frames the launch as a step toward merging traditional finance with digital asset technology. The firm is positioning itself as the regulated plumbing for these products: custody, compliance and distribution through its app.
What this means for investors and the tokenization race
The most immediate audience is Hong Kong’s professional investor pool. For them, the pitch is straightforward. They get crypto-native yield without needing a view on where Bitcoin or any other token is headed next.
Funding-rate strategies depend on traders continuing to pay those fees. When markets cool or positioning flips, funding can shrink or even turn negative. A 17.05% annualized figure from a single 30-day stretch is a snapshot, not a guarantee.
Investors should also note the before-fees qualifier on that figure. Net returns will land lower once costs come out.
The custody setup is a meaningful selling point. Over $1 billion in insurance coverage and a listed custodian give cautious investors something familiar to hold onto.
The T+0 redemption plan is worth watching closely. Same-day liquidity is one of the clearest advantages tokenized funds can offer over legacy structures. If OSL delivers it in late October 2026 as planned, it becomes a concrete feature competitors will need to match.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.