Invesco is moving deeper into tokenized finance by taking over investment management of Superstate’s USTB fund, one of the larger blockchain-based U.S. Treasury products in the market. The transition marks another sign that traditional asset managers are no longer treating tokenized Treasuries as a side experiment. Instead, they are increasingly entering the sector through products tied to real-world government securities and supported by institutional-grade infrastructure.
According to the announcement, Invesco will assume management responsibilities for Superstate’s Short Duration U.S. Government Securities Fund, known as USTB. The fund invests in short-term U.S. Treasury bills and currently holds about $794 million in assets. That makes it one of the largest tokenized Treasury offerings globally at a time when demand for blockchain-based yield products continues to expand.
Transition Expected in the Second Quarter of 2026
The management handoff is expected to close in Q2 2026. Once completed, Invesco Advisers Inc. will replace Superstate as portfolio manager. Even so, the core structure of the product will remain intact. The fund will keep its ticker, token structure, and smart contracts, meaning the blockchain framework already used by investors is not expected to change during the transition.
After the deal closes, the product will be renamed the Invesco Short Duration U.S. Government Securities Fund. While the branding and portfolio management responsibilities will shift, the onchain rails are set to remain in place. This distinction is important because it shows how a traditional asset manager can step into an existing blockchain-native product without disrupting the underlying tokenized architecture.
Invesco Handles Investments, Superstate Keeps the Onchain Layer
Under the new arrangement, Invesco’s Global Liquidity team will oversee day-to-day portfolio decisions. The team is led by Chief Investment Officer Laurie Brignac and will focus on short-duration U.S. Treasuries designed to track prevailing federal funds rates while preserving liquidity and principal stability.
Superstate, meanwhile, will continue to serve as the digital transfer agent. Its responsibilities will include token issuance, onchain settlement, real-time net asset value calculations, and DeFi integrations. In other words, the partnership splits the product into two complementary layers: traditional asset management on one side and blockchain operations on the other.
That structure gives Invesco a relatively fast path into tokenized fixed income without the need to build a full blockchain infrastructure stack from scratch. For Superstate, the arrangement brings a major global asset manager into its ecosystem, potentially helping the firm scale adoption of its tokenization platform.
Same-Day Liquidity and Dollar or USDC Access
USTB has attracted attention in part because of its operational design. Investors can subscribe to or redeem fund shares using either U.S. dollars or USDC, and the product offers same-day liquidity. For institutions accustomed to the longer settlement cycles of traditional finance, that feature is a key differentiator.
As of mid-March, the fund’s 30-day yield was around 3.44%. Its holdings were concentrated in short-term Treasury bills maturing between March and May 2026. This positioning is consistent with the fund’s objective of offering government-backed yield while maintaining short duration and high liquidity.
Since launching in early 2024, USTB has onboarded more than 150 institutional investors and processed billions of dollars in transactions. Those figures suggest that tokenized Treasury products are finding a growing audience among institutions seeking operational efficiency, faster settlement, and programmable access to low-risk yield instruments.
Another Signal of Institutional Expansion in Tokenized Treasuries
Invesco’s move places it alongside other major financial firms that have already explored or launched tokenized Treasury strategies, including BlackRock, Franklin Templeton, and Fidelity. The broader market for tokenized Treasury products has been estimated at roughly $12 billion, underscoring how quickly this category has grown from a niche concept into a meaningful segment of digital asset markets.
Superstate CEO Robert Leshner described the arrangement as a model for how traditional funds may migrate onchain. Invesco’s head of digital assets Kathleen Wrynn said the partnership reflects years of internal preparation aimed at building institutional-grade crypto products. Together, those comments frame the deal not as an isolated transaction, but as part of a wider convergence between conventional fund management and blockchain-based financial infrastructure.
Financial terms of the agreement were not disclosed. Both firms said the existing technology layer will remain unchanged during the transition. That continuity may help reassure current users of the fund, especially institutions that value stability in token structure, settlement operations, and smart contract design.
Why the Deal Matters
The significance of this development extends beyond one fund. Tokenized Treasuries are increasingly being packaged, managed, and distributed by some of the world’s largest asset managers. What was once viewed as an experimental application of blockchain is now being integrated into recognizable investment products backed by U.S. government securities.
For institutional investors, this trend offers a combination of familiar underlying assets and new operational advantages. For asset managers, it opens a route to modernize distribution and settlement without abandoning traditional portfolio management principles. Invesco’s takeover of USTB highlights that the future of onchain finance may not be built only by crypto-native firms, but also by established financial institutions using blockchain as an upgraded market infrastructure layer.