How Is USDGO Plus SP Tokenized for Hong Kong Investors?
OSL announced that it tokenized 2WA's USDGO Plus SP fund and would provide custody and distribution through its Hong Kong platform. The Cayman segregated portfolio uses a market-neutral crypto derivatives strategy and is offered only to eligible professional investors in Hong Kong.
TL;DR — Key Takeaways
- ✓Structure: USDGO Plus SP is a Cayman segregated portfolio launched by 2WA.
- ✓Roles: OSL provides fund tokenization, custody and professional-investor distribution.
- ✓Strategy: The fund seeks funding-rate spreads in crypto derivatives markets.
- ✓Risk: Market-neutral does not mean risk-free; funding can turn negative and losses are possible.
Tokenization Sits Alongside Licensed Custody and Distribution
OSL and 2WA announced the arrangement on October 8. USDGO Plus SP is a segregated portfolio within Cayman Islands company PrimePlus SPC; OSL says it tokenized the fund units and provides custody and distribution through its Hong Kong licensed platform.
Eligible professional investors in Hong Kong can subscribe and redeem through the OSL HK app, under the fund’s offering documents. The announcement says USDGO, the strategy fund’s underlying stablecoin, is also held in custody with OSL.
OSL’s release says USDGO Plus SP is not SFC-authorised, and may only be offered to eligible professional investors in Hong Kong.
— OSL and 2WA, October 8, 2026
The tokenization layer does not remove the fund’s eligibility limits, governing documents or the responsibilities of its custodian and operator.
Funding-Rate Arbitrage Still Carries Strategy Risk
The fund seeks to capture funding-rate spreads in crypto derivatives without relying on directional price movements. That aim does not guarantee neutrality in every market condition: funding can become negative, hedges can fail, and execution or counterparty risks can affect returns.
The press release reported historical returns through October 7, before relevant fees, but also states that past performance does not predict future results. Such figures are not a promise of yield and do not replace the offering documents’ risk disclosure.
For any tokenized fund, the key questions remain the legal claim, redemption process, valuation frequency and who controls the assets. See also how institutional fund distribution through NUVA is being proposed.
Frequently Asked Questions
What is USDGO Plus SP?
It is a Cayman segregated-portfolio digital-asset fund launched by 2WA, using a market-neutral strategy that seeks funding-rate spreads in crypto derivatives.
What does OSL do for the fund?
OSL provides tokenization, custody and distribution, with eligible professional investors subscribing and redeeming through the OSL HK app.
Who can invest?
The announcement says the fund is offered only to eligible professional investors in Hong Kong; its offering documents govern the actual terms.
Does market-neutral mean low risk or guaranteed returns?
No. The issuer's release says funding rates can turn negative, market-neutral strategies do not eliminate risk, and past performance does not predict future results.