Invesco acquires Superstate’s $900 million on-chain Treasury bond fund.

Invesco Advisers, Inc. will take over investment management for the Superstate Short Duration US Government Securities Fund (USTB) with $967 million in AUM, marking the first time a traditional asset manager of Invesco's scale has adopted a crypto-native Tokenize infrastructure for an on-chain fund.

The agreement, announced on March 24th , stipulates that Invesco will assume fiduciary responsibilities and portfolio management, while Superstate will retain full control over the on-chain infrastructure, including Token Issuance, blockchain payments, and digital transfer agent services. The transition is expected to be completed in Q2 2026.

The fund will be renamed Invesco Short Duration US Government Securities Fund, but the USTB ticker, smart contracts, and Token address will remain the same. This structural detail is important because it helps ensure that existing holder and DeFi integrations are not disrupted by a change in investment management entity.

The agreement is a management transfer, not an acquisition of Superstate by Invesco.

This is not a corporate acquisition; Invesco is only taking on an investment management Vai , while Superstate continues to operate the entire on-chain technology layer.

Despite the misleading title, the agreement is a “management transition”: Invesco Advisers, Inc. handles portfolio management, risk oversight, and distribution; Superstate (founded by Robert Leshner, former founder of Compound Finance) retains the Token Issuance infrastructure, blockchain payments, and digital transfer agent services.

This hybrid model separates two layers: (1) TradFi capabilities in portfolio governance and compliance, and (2) crypto-native capabilities in Tokenize infrastructure. That structure could become the template for large-scale on-chain institutional Capital (RWA) participation in real-world assets.

This is the blueprint for how funds and ETFs will go on-chain, and we couldn't ask for a better partner to lead the way.
– Robert Leshner, founder of Superstate

Invesco's Global Liquidity team will oversee the fund's investment strategy, drawing on over 45 years of experience in short-term government securities and managing over $200 billion in assets. Invesco is also the first independent asset manager to utilize Superstate's digital transfer agent infrastructure.

USTB is among the leaders in the $12 billion Tokenize US Treasury bond market.

The US Treasury Tokenize market reached approximately $12 billion in AUM (as of March 2026), and USTB, with $967 million, is among the top 5 largest funds globally.

Superstate launched USTB in early 2024 and has onboarded over 150 institutional investors. USTB operates as an ERC-20 Token backed by short-term U.S. government securities within a fund structure, aiming to provide U.S. Treasury yields through a blockchain-based settlement mechanism.

The competitive landscape includes BlackRock BUIDL, Franklin Templeton BENJI, along with products from Ondo Finance and OpenEden. Invesco's entry places them alongside large TradFi organizations that already have a direct presence in Tokenize fixed-income products.

Invesco prioritizes "acquiring" infrastructure capacity through partners rather than buying the company.

Invesco chose to partner with Superstate to leverage its existing Tokenize infrastructure, focusing on its strengths in investment management, risk management, and distribution.

Invesco has been building its digital asset capabilities since 2019, according to Kathleen Wrynn (the firm's head of tokenization), and already has a presence through Bitcoin ETFs. With this acquisition, Invesco aims for rapid scalability by leveraging the on-chain issuance, payment, and transfer agent system that Superstate has already implemented.

Our approach is to leverage what we do best, which is investment management, risk management and distribution, and partnering with leading on-chain infrastructure providers… That is key to our future expansion.
– Kathleen Wrynn, Tokenization Leader at Invesco

The "partner instead of build" approach differs from organizations that invest heavily in internal infrastructure. The competitive dynamics are also clear: BlackRock's BUIDL, launched in March 2024, confirmed the institutional demand for Tokenize; Franklin Templeton's BENJI appeared even earlier to demonstrate its viability. Invesco entered the market with existing scale rather than starting from scratch.

Compliance models are fundamental to organizations accepting on-chain funds.

USTB is not a permissionless Token ; the product is based on a compliance mechanism including KYC/AML, allowlists, and a transfer agent infrastructure registered with the SEC.

Superstate is an Exempt Reporting Adviser according to the SEC. In March 2025, Superstate Services LLC registered with the SEC as a digital transfer agent, helping to connect Tokenize assets with regulatory requirements in U.S. finance.

The fund uses an integrated blockchain-based record-keeping system and a smart contract-operated allowlist to ensure that only approved investors hold tokenized shares. Therefore, USTB differs from stablecoins in that it is an investment product with an investor vetting process.

Superstate is also filing for SEC approval to convert USTB into a money market fund under Section 2(a)(7) of the Investment Company Act 1940. If approved, USTB would move closer to a regulatory framework similar to traditional money market funds. With Invesco as the investment manager, the firm would assume fiduciary obligations under the Investment Advisers Act.

USTB holder and DeFi integration are less affected because the ticker and contract remain unchanged.

USTB holders are not expected to experience any disruption: USTB tickers, smart contracts, and Token addresses remain unchanged; the Superstate continues to operate its on-chain issuance and payment mechanisms.

The main change lies in the “investment management layer”: this Vai is shifting from Superstate to Invesco Advisers, Inc., with an expected completion date in Q2 2026. Meanwhile, Superstate will retain control of tokenized issuance, blockchain-based settlement, and digital transfer agent services to maintain technical continuity for existing integrations.

The partnership with Invesco marks the first time an independent asset manager has leveraged Superstate's Tokenize infrastructure… With Invesco's involvement, it will expand the pool of investors interested in this type of product.
– Robert Leshner, founder of Superstate

Superstate completed its $82.5 million Series B Capital round in January 2026 to further develop its independent on-chain infrastructure. Maintaining the existing technology stack also paves the way for Superstate to onboard other asset managers on the same platform, transforming the collaborative model into a repeatable infrastructure product.

The 2026 outlook for the tokenized Treasury sector depends on the TradFi + crypto-native model.

The Invesco–Superstate deal reinforces the trend: traditional asset managers are XEM tokenized fixed income as a strategic product line, not just an experiment.

The market dynamics lie in the size disparity. The US money market fund industry manages over $6 trillion, while the newly Tokenize US Treasury is only about $12 billion, a very small fraction. Even a modest level of institutional adoption could cause on-chain AUM to increase many times over.

Crypto-native RWA firms like Ondo Finance, OpenEden, and Backed Finance may face two simultaneous impacts: increased competition from branded TradFi products, but also the “validation” that Tokenize infrastructure has value for collaboration or trading. The key question is whether the split model—TradFi managing investments, crypto-native operating the infrastructure—will become the mainstream approach for new Tokenize funds.

Frequently Asked Questions

What are Tokenize US Treasury bonds and how do they differ from stablecoins?

Tokenized Treasury like USTB are ERC-20 Token backed by short-term US government securities within a managed fund structure. Unlike stablecoins (e.g., USDC, USDT) which are primarily used for payments, tokenized Treasury aim for investment returns, require KYC/AML certification, and operate within a compliant infrastructure tied to SEC regulations.

Is USTB operating normally after Invesco took over?

Yes. Ticker USTB, smart contracts, and Token addresses remain unchanged; Superstate retains its on-chain infrastructure, including Token Issuance and blockchain payments. The main change is the transfer of investment management to Invesco Advisers, Inc., expected to be completed in Q2 2026.

Who can invest in USTB?

USTB is not a permissionless Token . Investors must complete KYC/AML through a allowlist system operated by a smart contract. Since its launch in early 2024, the fund has onboarded over 150 institutional investors; Invesco's distribution network is expected to expand its investor base.

How does this agreement differ from the BlackRock BUILD agreement?

Both are Tokenize US Treasury products for institutional investors. USTB has $967 million in AUM and is among the top 5 largest tokenized Treasury funds globally. The structural difference lies in the fact that Invesco partnered to use Superstate's crypto-native infrastructure, separating the investment management layer from the blockchain infrastructure layer; while BlackRock implemented it using its own internal infrastructure (along with Securitize).