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Invesco, a global asset manager with over $2.2 trillion in assets under management, will assume portfolio management of Superstate’s tokenized U.S. Treasury fund, USTB, the company announced Tuesday.
USTB offers exposure to short-term U.S. Treasury Bills, targeting stable income, liquidity, and returns near the federal funds rate. Since its launch in early 2024, the fund has grown to approximately $967 million in assets.
As part of the collaboration, USTB will continue to use Superstate’s blockchain-based infrastructure, while Invesco’s Global Liquidity team, which manages approximately $219 billion across money market and short-duration cash products, will oversee day-to-day management.
The transition is expected to be completed in the second quarter of 2026.
Once the transition is complete, USTB will be renamed the Invesco Short Duration US Government Securities Fund, though it will keep 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. “This is the blueprint for how funds and ETFs will come onchain.”
Kathleen Wrynn, who leads digital assets at Invesco, said the firm has been “strategically building the capabilities required to support institutional-grade digital asset products” for years, and this collaboration reflects that commitment.
Growth in tokenized real-world assets
The deal comes amid rapid growth in tokenized real-world assets, which have exceeded $26 billion as of the latest data, according to RWA.xyz.
Tokenized U.S. Treasuries make up around $12 billion, reflecting strong demand for yield-bearing digital assets.
Major firms, including BlackRock, Franklin Templeton, and JPMorgan, have entered the space, with analysts projecting the market could reach $20–30 billion by 2026.
In March, the SEC and CFTC jointly published a token taxonomy framework, offering the clearest federal guidance to date on how digital securities should be classified and treated under existing law.
That clarity has removed a barrier that historically kept large, compliance-sensitive institutions from participating.
Superstate’s growth and fundraising
Superstate raised $82.5 million in a Series B round in January, pushing its total capital raised past $100 million.
Since launching USTB roughly two years ago, Superstate has onboarded more than 150 institutional investors and processed billions of dollars in transactions through the fund.
As an SEC-registered investment adviser, the company enables real-time settlement of tokenized fund shares while maintaining compliance throughout 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.
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