OKX Ventures backs STBL to build RWA-backed stablecoin on X Layer

OKX Ventures has taken an equity stake in STBL to develop a stablecoin underpinned by tokenized private-credit exposures, in a collaboration that pairs Hamilton Lane’s private credit strategies with Securitize’s regulated token issuance. The design channels returns from Hamilton Lane’s Senior Credit Opportunities sleeve into onchain tokens that Securitize will mint and manage under compliance frameworks, while leveraging OKX’s Ethereum-compatible X Layer for lower-cost, smart-contract-driven settlement. By embedding institutional private-credit feeder flows into tokenized money, the partners aim to move tokenization beyond passive asset labels toward programmable, composable instruments that can be split, reused, and settled across decentralized applications. Operationally, the project leans on regulated issuance and institutional custody practices to keep raw credit off public rails while exposing price and yield to smart contracts and automated settlement. Key technical and market hurdles include establishing robust valuation and redemption mechanics for tokenized private-credit units, building resilient oracle and custody arrangements to avoid settlement frictions, and navigating cross-jurisdictional regulatory requirements. Complementing this institutional initiative, OKX has also begun issuing a stablecoin-enabled payments card across Europe—routed through a regulated European payments partner and accepting payments via Mastercard—allowing users to pay from self-custody wallets and convert tokens at point of sale under AML/KYC controls. That consumer product, promoted with limited-time rewards and a conversion spread rather than fixed fees, signals a broader, compliance-first push from OKX to connect onchain liquidity with mainstream payment rails and benefits from clearer EU crypto rules. Taken together, the institutional STBL initiative and the consumer payments rollout illustrate a two-pronged strategy: build production-grade plumbing for tokenized private assets while testing regulated, real-world payments use cases that could deepen onchain liquidity. Success would create new programmable, yield-bearing money usable by both institutional counterparties and commerce flows; failure to resolve valuation, liquidity or governance risks—especially across differing regulatory regimes—could stall adoption and undermine confidence in RWA-backed instruments.