Invesco has agreed to become the investment manager of Superstate's tokenized US Treasury fund USTB, the companies announced Tuesday, in an arrangement that hands day-to-day portfolio management of a nearly $1 billion onchain fund to one of the world's largest asset managers while leaving the blockchain infrastructure in the hands of its creator.
Under the arrangement, Invesco Advisers will take over portfolio management of USTB — currently sitting at $967 million in assets under management and ranked among the five largest tokenized Treasury products globally — while Superstate retains responsibility for the fund's on-chain infrastructure, including tokenized issuance, blockchain settlement, and digital transfer agency services. The transition is expected to complete in Q2 2026, at which point the fund will be renamed the Invesco Short Duration US Government Securities Fund, retaining the USTB ticker, smart contracts, and token address. Financial terms were not disclosed.
Rather than launching a competing tokenized product from scratch — the route taken by BlackRock with BUIDL and Franklin Templeton with BENJI — Invesco is stepping into an existing fund with an established investor base of over 150 institutional clients and a multi-year operating track record. It also makes Invesco the first asset manager to use Superstate's digital transfer agent infrastructure, a capability that has gained fresh relevance this week, following NYSE's announcement that Securitize would serve as its own digital transfer agent for its forthcoming tokenized securities platform.
The tokenized Treasury market has grown sharply. Total tokenized US Treasury supply has surpassed $11 billion, up 27% this year, as institutional investors park capital in yield-bearing on-chain instruments during the crypto market downturn. Circle's USYC recently overtook BlackRock's BUIDL as the largest individual product, reaching approximately $2.2 billion in supply, driven largely by its adoption as off-exchange collateral on Binance's institutional derivatives platform. USTB sits within that competitive top tier, competing for institutional flows against products from BlackRock, Circle, Franklin Templeton, Ondo, and WisdomTree.
Superstate was founded by Robert Leshner, best known as the creator of Compound Finance, one of DeFi's earliest lending protocols. The firm has positioned itself as infrastructure-first — building the onchain plumbing and then finding asset management partners to sit on top of it. The Invesco deal validates that model explicitly: Leshner described it as "the blueprint for how funds and ETFs will come onchain."
For Invesco, the deal extends a digital assets strategy the firm says dates to 2019. Its Global Liquidity team, which manages over $200 billion in money market and short-duration assets, will absorb USTB into that existing operation under CIO Laurie Brignac — giving the fund institutional portfolio management credibility alongside its existing blockchain infrastructure.
