Crypto24 March, 20263 min read
Invesco Takes Over Superstate's $900 Million USTB Tokenized Treasury Fund
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Invesco will manage Superstate's tokenized USTB treasury fund. USTB fund holds roughly $900–$950 million in AUM.
Market Entry Strategy
The deal involves Invesco, a major $2.2 trillion asset manager, taking over management of Superstate's $900 million tokenized U.S. Treasury fund USTB.
“The integration of the fund to Invesco is expected to be complete in mid-2026. Invesco is expanding its digital asset products by becoming the portfolio manager for an existing tokenized treasury fund.”
This represents a significant entry by a large traditional asset manager into the blockchain-based finance space.
The fund will be renamed to the Invesco Short Duration US Government Securities Fund while maintaining the USTB ticker and token structure.
The transaction is expected to be completed in mid-2026 according to American Banker, or second quarter of 2026 according to CoinDesk/@coindesk sources.
This move places Invesco alongside other major players like BlackRock, Franklin Templeton, and Fidelity Investments that have entered the $12 billion tokenized U.S. Treasury market.
Fund Structure
The USTB fund currently represents approximately $950 million in assets under management according to American Banker, making it one of the largest tokenized treasury funds in the market. Tokenized money market funds like USTB work by holding U.S. government-issued treasuries while individual shares are encrypted into digital "tokens" that can be stored on distributed ledgers, functioning similarly to stablecoins or cryptocurrencies.
After the transition, Superstate will continue to support the technical infrastructure behind the tokenized fund, including issuing fund shares as tokens, settling transactions onchain, and maintaining a digital transfer agent system. The fund's strategy and structure will remain unchanged under Invesco's management.
Strategic Partnership
This partnership represents a strategic approach by both companies to leverage their respective strengths. Invesco, according to Kathleen Wrynn, global head of digital assets at Invesco, chose to leverage what the company does best - investment management, risk management, and distribution - while partnering with Superstate for the on-chain infrastructure component.
“‘Our view was to leverage what we do best, which is investment management, risk management and distribution, and partner with a leading provider when it comes to the on-chain infrastructure component,’ Kathleen Wrynn, Invesco's global head of digital assets, told American Banker.”
The deal positions Invesco to scale tokenized offerings over time, as Superstate's onchain infrastructure naturally supports these ambitions. This move comes amid growing institutional interest in tokenized assets, with BlackRock CEO Larry Fink previously noting that tokenization could make investing faster, cheaper, and more accessible by recording ownership on digital ledgers.
Market Benefits
The tokenized U.S. Treasury market is rapidly growing due to several key advantages over traditional financial infrastructure.
Blockchain-based tokens allow for near-instant settlement, transparent reserves, and round-the-clock access to trading.
The $12 billion tokenized U.S. Treasury market is gaining significant traction as it offers these benefits, attracting major global asset managers.
Unlike traditional money market funds, tokenized versions provide enhanced efficiency and accessibility, particularly for institutional investors seeking to optimize their cash management strategies.
The USTB fund specifically holds short-term U.S. government securities, making it an attractive option for investors seeking liquidity and safety in the digital asset ecosystem.
Industry Impact
The completion of this transition expected in mid-2026 will mark a significant milestone for both companies and the broader tokenization industry. For Invesco, this represents their first major foray into tokenized fund management, establishing them as a serious player in the digital asset space. Superstate, meanwhile, gains credibility and validation through this partnership with such a large traditional asset manager.
“We're very excited to be the first asset manager to be using Superstate infrastructure. That's critical for us to be able to scale going forward.”
The deal is likely to accelerate wider adoption of tokenized treasury products, potentially setting a precedent for how other large asset managers might approach blockchain integration. As Kathleen Wrynn noted, this partnership is "critical for us to be able to scale going forward," suggesting that Invesco views tokenized products as a key part of their future growth strategy.