OSL takes custody of 2WA's Solana-tokenized USDGO fund for Hong Kong professional investors
OSL Group said on October 8, 2026 it holds custody of 2WA's USDGO Plus SP fund, now tokenized on Solana for Hong Kong professional investors. Its two published returns, 17.05% annualized over 30 days and 16.67% since inception, do not obviously share a basis.
The Investor · Invest desk
Three figures: an annualized return of 17.05% over the prior 30 days, before fees; a 16.67% return since inception as of October 7, 2026; and over $1 billion in digital asset insurance coverage at OSL's Hong Kong custody operation.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Annualized return, prior 30 days, before fees | 17.05% | 9 | |
| Return since inception | 16.67% | as of October 7, 2026 | 8 |
| Custody insurance, over | $1 billion | 21 |
What happened
- 2WA developed the fund, formally PrimePlus SPC's USDGO Plus SP, and launched it in August 2026 on the USDGO stablecoin.
- The strategy is funding-rate arbitrage across crypto derivatives markets, and the fund deliberately avoids directional positions.
- Subscriptions and redemptions are daily, with a T+0 express redemption feature planned for late October 2026.
Why it matters
- cost The 17.05% is gross, so net returns land lower once costs come out, and holders pay those costs.
- exposure Yield depends on traders continuing to pay funding. If markets cool or positioning flips it can shrink or turn negative, so the fund avoids price direction but not funding direction.
- constraint Subscription stays with eligible Hong Kong professional investors and the units sit inside a traditional fund vehicle, so Solana adds a ledger and a live NAV view without widening who can buy.
- precedent If T+0 ships in late October, the report says it becomes a concrete feature competitors will need to match.
The two return figures are the only performance data in the announcement, and they do not obviously share a basis. A 30-day annualized return of 17.05% before fees [9] is about 1.40% over the window if it is not compounded (17.05% x 30/365) [15]. Assuming that window ends on October 7, 2026, the date of the 16.67% since-inception figure [8], it starts on September 7, and a fund launched in August [3] had at most 37 days of trading before it [16]. If 16.67% is cumulative, the fund earned roughly 15% in those 37 days or fewer (1.1667 / 1.0140) [17]. That is a large gain for a strategy built to avoid directional positions [7].
That leaves two readings. If 16.67% is itself annualized, the figures differ by 0.38 points [18] and the fund has been earning a steady 17% gross. If it is cumulative, the fund made about 15% in its first stretch and about 1.4% in the latest 30 days. We expect the first reading, since the second needs a market-neutral book to have made 15% in under six weeks and then slowed sharply. A windfall in the opening weeks would fit the cumulative reading, so we could be wrong. The report does not say which basis applies, and it does not give the fund's size, its fees or the regulator behind the vehicle.
OSL's role in the structure is narrow. It holds the fund's assets, including the underlying USDGO [14], and distributes through the OSL HK app [5]; 2WA developed the fund [3]. The report describes OSL as positioning itself as regulated plumbing, meaning custody, compliance and distribution [13]. On that division OSL is not running the funding-rate book and 2WA is not building its own custody. The $1 billion in digital asset insurance coverage belongs to OSL's Hong Kong custody operation as a whole [21], so it is not a figure specific to this fund.
The evidence for a Hong Kong category of regulated tokenized yield is one fund with a record of at most 67 days [19]. 2WA itself describes it as the first market-neutral fund built on a US dollar-backed stablecoin [20], and that description is the only source for the claim. We think the report supports a narrower statement: one fund, custodied by a listed firm [1], with two return figures whose bases are not stated.
What to watch
- Whether OSL ships T+0 express redemption by the end of October 2026, as planned.
- The next 30-day annualized figure, and whether it holds near 17.05% as funding rates move.
- Any disclosure of the 16.67% basis, the fund's size and its fees.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence35
- Adoption
- Insufficient
- Hype gap+25
- Incentives70
- Confidence50
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
OSL Group (HKEX: 863) is handling custody of the fund and announced the move on October 8, 2026.
- [2]
2WA has tokenized its USDGO Plus SP fund on the Solana blockchain.
- [3]
The fund's formal name is PrimePlus SPC's USDGO Plus SP; 2WA developed it and launched it in August 2026, and it runs on USDGO, a US dollar-backed stablecoin.
- [4]
Only eligible professional investors in Hong Kong can buy into the fund.
- [5]
Investors reach the fund through the OSL HK app, which shows real-time net asset value updates.
- [6]
Subscriptions and redemptions happen daily, and a T+0 express redemption feature is planned for late October 2026.
- [7]
The strategy centers on funding-rate arbitrage across crypto derivatives markets, and the fund deliberately steers clear of directional positions.
- [8]
As of October 7, 2026, the fund reported a 16.67% return since inception.
- [9]
The fund's annualized return over the prior 30 days was 17.05% before fees.
- [10]
The tokenized units sit inside a traditional fund vehicle; the blockchain layer does not replace the regulated wrapper but runs on top of it.
- [11]
Funding-rate strategies depend on traders continuing to pay funding fees; when markets cool or positioning flips, funding can shrink or even turn negative.
- [12]
The 17.05% figure is before fees, and net returns will land lower once costs come out.
- [13]
OSL is positioning itself as the regulated plumbing for tokenized products: custody, compliance and distribution through its app.
- [14]
OSL holds the fund's assets, including the underlying USDGO.
- [15]
A 17.05% annualized return is about 1.40% over 30 days, simple and not compounded.
- [16]
If the 30-day window ends October 7, 2026 it starts September 7, so a fund launched in August had at most 37 days of trading before the window.
- [17]
If 16.67% is a cumulative return, the fund earned roughly 15% before the 30-day window, in 37 days or fewer.
- [18]
The 30-day annualized figure and the since-inception figure differ by 0.38 percentage points.
- [19]
A fund launched in August 2026 had a record of at most 67 days as of October 7, 2026.
- [20]
2WA describes the product as the first market-neutral fund built on a US dollar-backed stablecoin.
- [21]
OSL's Hong Kong custody operation carries over $1 billion in digital asset insurance coverage.
- [22]
Same-day liquidity is one of the clearest advantages tokenized funds can offer over legacy structures, and if OSL delivers T+0 redemption in late October 2026 it becomes a concrete feature competitors will need to match.
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Sources
1 independent publisher whose own reporting we read for this story.
- cryptobriefing.comOSL tokenizes 2WA USDGO Plus SP fund on Solana, handling custody
1 article · October 12, 2026
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Topics
- Tokenized funds and share classesFollow
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