Securitize Partners with OKX Ventures, Hamilton Lane to Launch RWA-Backed Stablecoin
A novel two-token framework aims to navigate American regulatory constraints on stablecoins that generate yield by decoupling investment returns from the stable currency token.
In a move to bring institutional real-world asset returns to blockchain infrastructure, Securitize is introducing a stablecoin collateralized by tokenized private credit assets, working alongside Hamilton Lane, OKX Ventures, and stablecoin infrastructure company STBL.
The collaboration brings together Securitize, STBL—a provider of stablecoin infrastructure—Hamilton Lane, a publicly-traded private markets investment management company listed on Nasdaq, and OKX Ventures, the investment division of the cryptocurrency exchange OKX, to facilitate the debut of a fresh real-world asset (RWA)-collateralized stablecoin on X Layer.
According to Securitize's Thursday announcement on X, this innovative stablecoin will merge institutional private credit, compliant tokenization, and programmable settlement capabilities to enable what the company describes as the "next generation onchain financial infrastructure."
This ecosystem-specific stablecoin product will be released on the X Layer network operated by OKX, with backing provided through tokenized access to Hamilton Lane's Senior Credit Opportunities Fund via a feeder arrangement managed by Securitize.
Employing a dual-token architecture, the stablecoin is engineered to decouple yield production from the stable token component, a design choice made as United States legislators and regulatory bodies increasingly examine stablecoins that provide passive income to token holders.
STBL characterized the new stablecoin as representing a "definitive leap forward in the convergence of institutional private markets and onchain finance" in a Thursday announcement on X.
"This initiative brings deep liquidity, programmable settlement, and compliant yield management to the X Layer ecosystem, setting a new standard for how capital flows onchain."
STBL's yield architecture seeks to side-step US regulatory concerns
According to Securitize, the structural approach is designed to merge compliant tokenization of private credit with programmable settlement capabilities, while maintaining separation between the stable token and the underlying yield generation.
Within this framework, investment returns accumulate at the collateral tier instead of being distributed directly to those holding the stablecoin. STBL explained in an official statement that this design is crafted to conform with developing regulatory standards that aim to differentiate stable payment mechanisms from investment vehicles.
Cointelegraph has reached out to both OKX Ventures and STBL requesting additional information regarding the token's structural design and anticipated yield performance.
Though the backing RWAs generate yield behind the scenes, this new stablecoin framework is structured to isolate the stablecoin itself from income generation, thereby avoiding the recent regulatory attention focused on yield-generating stablecoins, as STBL explained in an X post dated Jan. 14.
"Because USST holders are not promised, paid, or marketed yield, our model aligns naturally with emerging regulatory expectations that seek to distinguish stable units of account from investment instruments."
The architectural design of this stablecoin emerged as a direct response to provisions within the US market structure legislation, which contained language aimed at prohibiting passive yield generation on stablecoin holdings.
The ESS stablecoin framework's dual-economy approach addresses this regulatory concern by channeling yield from the underlying RWA assets through a distinct token, thereby ensuring the ESS stablecoin avoids classification as a yield-bearing stablecoin.
As the leading tokenization platform in the industry, Securitize manages more than $4 billion in tokenized assets. The platform counts among its backers BlackRock, the world's largest asset manager, as well as Morgan Stanley, a major investment banking institution.