TL;DR
- Securitize launches a stablecoin backed by tokenized private credit assets from Hamilton Lane.
- The product deploys on OKX’s X Layer network using a dual-token architecture.
- The structure responds to U.S. regulatory scrutiny over yield-bearing stablecoins.
Securitize launched a stablecoin backed by tokenized private credit assets through a partnership with Hamilton Lane, OKX Ventures, and stablecoin infrastructure provider STBL. The product deploys on X Layer, OKX’s network, and uses a dual-token architecture designed to separate yield generation from the stable payment unit itself — a structure built specifically to navigate U.S. regulatory scrutiny on stablecoins distributing passive returns to holders.
The stablecoin draws its backing from tokenized exposure to Hamilton Lane’s Senior Credit Opportunities Fund, accessed through a feeder structure facilitated by Securitize. Hamilton Lane operates as a Nasdaq-listed private markets investment management firm, bringing institutional-grade private credit into the on-chain environment.
The partnership combines regulated asset tokenization with programmable settlement infrastructure, allowing the stablecoin to function as both a payment instrument and a vehicle for accessing real-world credit yields.
How the Yield Structure Keeps Returns at the Collateral Layer Instead of Distributing Them to Stablecoin Holders
Under the architecture, returns accrue at the collateral layer rather than flowing directly to stablecoin holders. Holders of the stable token maintain a claim on the backing assets but do not receive yield distributions in the same way bond or money market fund investors would. The separation allows the stable token to operate as a payment instrument without triggering investment product classifications under existing regulatory frameworks.
STBL described the framework as designed to align with emerging regulatory expectations distinguishing stable payment instruments from investment products. Regulators in the U.S. have signaled concern about products blurring the line between the two categories, particularly when issuers market stablecoins as both transactional tools and yield-generating assets. The dual-token structure creates a firewall between the functions, isolating the stable unit from direct yield exposure.
