Securitize has teamed with Hamilton Lane, OKX Ventures, and STBL to launch a real-world asset (RWA) based stablecoin on OKX’s X Layer, the blockchain infrastructure of the exchange. The stablecoin is backed by tokenized exposure to Hamilton Lane’s Senior Credit Opportunities Fund, with the on-chain stable unit intended for payments while a separate token accrues the underlying yields. STBL notes that the framework enables on-chain access to private credit and other real-world assets, while keeping the settlement token focused on price stability. STBL claims to have tokenized more than $4 billion in assets to date, underscoring the scale of the on-chain asset program.
The core feature is a dual-token architecture in which revenue generated by the collateral assets accrues to a separate yield token rather than to holders of the payment stablecoin. This separation is designed to navigate ongoing U.S. regulatory debates over passive yields embedded in stablecoins. The yield-bearing token sits on the collateral layer, while the on-chain payment token functions primarily as a fixed-value medium of exchange. The OKX X Layer deployment signals a broader push to bridge traditional finance with blockchain infrastructure, with industry observers describing the model as a meaningful step toward expanding on-chain access to institutional-grade credit and accelerating settlement across asset classes within OKX’s ecosystem.
In parallel, the British government designated HSBC Orion as the platform for the DIGIT pilot, a digital gilt initiative aimed at tokenizing government debt and simplifying issuance, settlement, and custody. HSBC has supported more than $3.5 billion in digital-native bonds since launching Orion in 2023, including pound-denominated gilts from the European Investment Bank and multi-currency digital bonds issued by the Hong Kong government. Lucy Rigby, Economic Secretary to the Treasury, stated that the DIGIT program seeks to explore how distributed ledger technology can reduce costs and improve efficiency in government debt markets. Analysts view these developments as part of a broader wave of RWA tokenization that could bring private credit and government securities onto blockchain rails, with regulators’ stance on on-chain asset classification likely shaping broader adoption.
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