Invesco, a global asset manager with more than $2.2 trillion in assets under management, will assume portfolio management of Superstate’s tokenized U.S. Treasury fund, USTB, the firm announced Tuesday.
USTB provides exposure to short-term U.S. Treasury bills, targeting stable income, liquidity, and returns near the federal funds rate. Since launching in early 2024, the fund has grown to roughly $967 million in assets.
Under the agreement, USTB will continue to use Superstate’s blockchain-based infrastructure while Invesco’s Global Liquidity team—responsible for about $219 billion across money market and short-duration cash products—will handle day-to-day management. The transition is expected to be completed in the second quarter of 2026.
After the transition, USTB will be renamed the Invesco Short Duration US Government Securities Fund but will retain its existing ticker, smart contracts, and token address.
“Our collaboration with Invesco marks the first time an independent asset manager has leveraged Superstate’s tokenization infrastructure,” said Superstate CEO Robert Leshner, calling the deal a blueprint for bringing funds and ETFs onchain. Kathleen Wrynn, head of digital assets at Invesco, said the firm has been building capabilities to support institutional-grade digital asset products and that this collaboration reflects that strategic effort.
The deal arrives amid rapid growth in tokenized real-world assets, which exceed $26 billion according to RWA.xyz. Tokenized U.S. Treasuries account for about $12 billion of that total, highlighting strong demand for yield-bearing digital assets. Major institutions including BlackRock, Franklin Templeton, and JPMorgan have entered the space, and some analysts project the market could reach $20–30 billion by 2026.
Regulatory clarity has advanced: in March, the SEC and CFTC published a token taxonomy framework offering clearer federal guidance on the classification and treatment of digital securities, easing a historical barrier for compliance-sensitive institutions.
Superstate raised $82.5 million in a Series B round in January, bringing its total capital raised past $100 million. Since launching USTB roughly two years ago, the firm has onboarded more than 150 institutional investors and processed billions in transactions through the fund. As an SEC-registered investment adviser, Superstate enables real-time settlement of tokenized fund shares while maintaining compliance across the transaction lifecycle.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.