Invesco is set to assume investment management for Superstate’s tokenized U.S. Treasury fund USTB, a product with about $794 million in assets under management. The transition is expected to close in the second quarter of 2026. Once completed, Invesco Advisers Inc. will replace Superstate as portfolio manager, while the fund’s ticker, token structure, and smart contracts stay in place.
The product will be renamed the Invesco Short Duration U.S. Government Securities Fund after the handover, but its blockchain framework will not be altered. USTB invests in short-term U.S. Treasury bills and is designed to track prevailing federal funds rates while keeping liquidity and principal stability in focus. Day-to-day portfolio management will be handled by Invesco’s Global Liquidity team, led by Chief Investment Officer Laurie Brignac.
Superstate keeps the blockchain operations layer
Superstate will continue to serve as digital transfer agent after the management shift. That includes token issuance, onchain settlement, real-time net asset value calculations, and integrations with DeFi protocols. In practical terms, the investment manager changes, but the underlying onchain infrastructure remains the same.
USTB allows subscriptions and redemptions in U.S. dollars or USDC, with same-day liquidity. That structure has attracted institutional users seeking faster settlement than traditional finance markets. As of mid-March, the fund’s 30-day yield was about 3.44%, and its holdings were concentrated in short-term Treasury bills maturing between March and May 2026.
Tokenized Treasuries draw larger asset managers
Since its launch in early 2024, USTB has onboarded more than 150 institutional investors and processed billions of dollars in transactions. By asset size, it ranks among the larger tokenized Treasury products in the market. The report also notes that the sector is moving toward an estimated $12 billion market, with firms including Blackrock, Franklin Templeton, and Fidelity already exploring or launching similar tokenized Treasury offerings.
Superstate CEO Robert Leshner said the arrangement offers a model for how traditional funds may move onchain. Kathleen Wrynn, Invesco’s digital assets lead, said the partnership reflects years of internal work aimed at institutional-grade crypto products. Financial terms were not disclosed, and both companies said the existing technology stack will remain unchanged during the transition.