Hamilton Lane Becomes First Asset Manager to Launch a Fund on Solana Blockchain
Hamilton Lane revealed on Tuesday its plans to introduce a tokenized iteration of its private credit fund on the Solana blockchain, underscoring a significant step forward in the embrace of digital assets by established financial institutions.
Tokenizing SCOPE Fund on the Solana Blockchain.
Hamilton Lane, a leading alternative asset management firm overseeing more than $900 billion in assets, has made a substantial foray into the blockchain sector.
Furthermore, the company recently announced the launch of a tokenized private credit fund on the Solana blockchain, signaling a noteworthy advancement in integrating traditional finance with decentralized technology.
Hamilton Lane is tokenizing its Senior Credit Opportunities Fund (SCOPE) on the blockchain, enabling investors to access the fund through the blockchain network.
To make this possible, the firm has joined forces with Libre, a Web3 protocol developed as a collaboration between Brevan Howard’s WebN Group and Nomura’s crypto firm Laser Digital. This initiative is aimed at reaching “mass affluent, crypto-native” traders, potentially broadening Hamilton Lane’s investor base and distribution channels.
Launched in 2022, SCOPE currently manages around $556 million in assets and offers an annualized yield of 10% for USD investors. However, this move marks Hamilton Lane’s initial venture on this blockchain and its first attempt to tokenize collateralized lending. Although the company had previously tokenized funds on other platforms, this marks its debut on Solana’s high-speed network.
The tokenization of real-world assets (RWAs) is regarded as a means of enhancing liquidity, transparency, and accessibility in traditional financial markets. Notably, advantages include instantaneous ownership transfer and the ability to trade tokenized assets for other cryptocurrencies on secondary markets.
Additionally, this development corresponds with a growing trend in the financial industry, with major players like BlackRock also expressing interest in tokenizing traditional assets.
USDC Treasury Mints 250 million new USDC on Solana
The USDC Treasury has minted 250 million new USDC tokens through the Solana network. Based on current market prices, this would be approximately equivalent to US$250,325,000.
Today, the Solana network experienced a significant increase in USDC liquidity, as the USDC Treasury added a substantial 250 million USDC to the ecosystem. According to Whale Alert, the transaction took place at 22:25:39 Beijing time, marking a significant development in the Solana landscape.
Consequently, this injection of USDC represents a strong commitment by the stablecoin Treasury to enhance the stability and accessibility of the stablecoin on Solana. This move is likely to benefit users and developers within the Solana ecosystem.
