Invesco, the global asset manager overseeing more than $2.2 trillion, will assume portfolio management of Superstate’s tokenized U.S. Treasury fund, USTB, the firms said Tuesday. USTB, which offers exposure to short-term U.S. Treasury bills with a focus on stable income, liquidity, and returns close to the federal funds rate, has grown to about $967 million since its early‑2024 launch.
Under the arrangement, USTB will continue to run on Superstate’s blockchain-based infrastructure, while Invesco’s Global Liquidity team — which manages roughly $219 billion in money market and short-duration cash products — will take over day-to-day management. The handover is expected to be completed in the second quarter of 2026. Following the transition, the fund will be renamed the Invesco Short Duration US Government Securities Fund but will keep its current ticker, smart contracts, and token address.
Superstate CEO Robert Leshner described the collaboration as a milestone for independent managers using Superstate’s tokenization stack, and said the deal could serve as a model for bringing traditional funds and ETFs onchain. Kathleen Wrynn, head of digital assets at Invesco, said the move reflects the firm’s investments in building institutional-grade digital asset capabilities.
The announcement comes as tokenized real-world assets (RWAs) have expanded rapidly. RWA.xyz estimates the market exceeds $26 billion, with roughly $12 billion in tokenized U.S. Treasuries, underscoring strong interest in yield-bearing digital instruments. Major financial firms including BlackRock, Franklin Templeton, and JPMorgan have entered the space, and some analysts project tokenized RWA could reach $20–30 billion by 2026.
Regulatory clarity has improved recently: in March, the SEC and CFTC issued a token taxonomy framework to give clearer federal guidance on the classification and treatment of digital securities — a development seen as easing a long-running compliance hurdle for large institutions.
Superstate raised $82.5 million in a Series B round in January, pushing its total capital raised above $100 million. Since launching USTB roughly two years ago, Superstate says it has onboarded more than 150 institutional investors and processed billions of dollars in transactions through the fund. As an SEC-registered investment adviser, Superstate provides real-time settlement of tokenized fund shares while maintaining compliance across the transaction lifecycle.
Disclosure: This story was edited by Vivian Nguyen. For more information on our editorial process, see the publication’s editorial policy.