Key Takeaways
- • Invesco has been selected by Superstate to externally manage the tokenized USTB fund, which holds roughly $950 million in AUM and is among the largest tokenized U.S. treasury funds, according to the company.
- • Upon completion of the transition, expected in mid-2026, the fund will be renamed the Invesco Short-Duration U.S. Government Securities Fund while keeping the USTB ticker, smart contracts and token address.
- • Invesco will take over day-to-day portfolio management, while Superstate continues to support the on-chain technical infrastructure.
- • The USTB fund will be Invesco's first blockchain-linked private fund in the U.S.; its other five U.S. digital asset funds are exchange-traded products.
- • Superstate CEO Robert Leshner expects Invesco's involvement to broaden the investor base beyond current crypto-native participants.
Summary
Invesco is expanding its digital asset business by becoming the portfolio manager for an existing tokenized treasury fund. The global asset manager has partnered with tokenization platform Superstate to white-label and manage USTB, a private, short-duration U.S. government securities fund. According to a company statement, Invesco will assume day-to-day portfolio management responsibilities, while Superstate will continue to provide the technical infrastructure behind the tokenized vehicle. The fund will be formally renamed the Invesco Short-Duration U.S. Government Securities Fund once the transition is complete, which is expected in mid-2026, while retaining the USTB ticker, smart contracts and token address.
USTB launched in early 2024 as Superstate's first tokenized fund. According to the company, it has onboarded around 150 institutional investors and processed billions of dollars in transactions over the past two years. It carries more than $950 million in AUM, placing it among the largest tokenized U.S. treasury funds. By comparison, BlackRock's BUIDL has more than $1.7 billion in issued AUM, Circle's USYC exceeds $1.6 billion, and WisdomTree's WTGXX exceeds $700 million. Superstate CEO Robert Leshner told American Banker that USTB is a private Section 3c7 fund open only to institutional investors and not registered for exchange trading, operating in parallel to exchange-traded products.
Invesco's global head of digital assets, Kathleen Wrynn, said the firm intends to focus on investment management, risk management and distribution while partnering with a specialist for on-chain infrastructure. She described Invesco as the first asset manager to use Superstate's infrastructure. Invesco has been involved in digital assets since 2019 and currently holds five other U.S. digital asset funds, all exchange-traded products. The USTB transition would mark its first blockchain-linked private fund in the U.S. Wrynn said demand from existing clients for crypto exposure drives its ETP launches, and that tokenizing funds is a newer effort aimed at participating in what she called a tokenization race.
Leshner said current demand for treasury-backed tokenized funds comes mainly from investors already active in crypto and digital asset markets. He expects tokenization to become a dominant form of recordkeeping for investment products within roughly a decade, and in the near term is focused on widening the investor base. He said Invesco's entry would broaden the types of investors interested in the product. Tokenized money market funds hold U.S. government-issued treasuries, with fund shares represented as tokens on distributed ledgers.
USTB launched in early 2024 as Superstate's first tokenized fund. According to the company, it has onboarded around 150 institutional investors and processed billions of dollars in transactions over the past two years. It carries more than $950 million in AUM, placing it among the largest tokenized U.S. treasury funds. By comparison, BlackRock's BUIDL has more than $1.7 billion in issued AUM, Circle's USYC exceeds $1.6 billion, and WisdomTree's WTGXX exceeds $700 million. Superstate CEO Robert Leshner told American Banker that USTB is a private Section 3c7 fund open only to institutional investors and not registered for exchange trading, operating in parallel to exchange-traded products.
Invesco's global head of digital assets, Kathleen Wrynn, said the firm intends to focus on investment management, risk management and distribution while partnering with a specialist for on-chain infrastructure. She described Invesco as the first asset manager to use Superstate's infrastructure. Invesco has been involved in digital assets since 2019 and currently holds five other U.S. digital asset funds, all exchange-traded products. The USTB transition would mark its first blockchain-linked private fund in the U.S. Wrynn said demand from existing clients for crypto exposure drives its ETP launches, and that tokenizing funds is a newer effort aimed at participating in what she called a tokenization race.
Leshner said current demand for treasury-backed tokenized funds comes mainly from investors already active in crypto and digital asset markets. He expects tokenization to become a dominant form of recordkeeping for investment products within roughly a decade, and in the near term is focused on widening the investor base. He said Invesco's entry would broaden the types of investors interested in the product. Tokenized money market funds hold U.S. government-issued treasuries, with fund shares represented as tokens on distributed ledgers.
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