Invesco, one of the world’s largest asset managers with $2.2 trillion under management, is taking over Superstate’s $900 million tokenized U.S. Treasury fund. The deal marks Invesco’s formal entrance into the $12 billion tokenized Treasury market, putting it in direct competition with BlackRock, Franklin Templeton, and Fidelity Investments.
A tokenized Treasury fund is a blockchain-based investment product that holds U.S. government bonds and represents ownership as digital tokens, allowing investors to buy, sell, and settle positions around the clock without traditional banking intermediaries.
Key takeaways
- Invesco ($2.2T AUM) will take over management of Superstate’s USTB fund, which holds roughly $967 million in short-term U.S. Treasury bills.
- The transition closes in Q2 2026. USTB will be renamed Invesco Short Duration US Government Securities Fund while keeping its token structure and smart contracts intact.
- Superstate, founded by Compound Finance creator Robert Leshner, raised $82 million in Series B funding in January 2026 and will continue operating the fund’s blockchain infrastructure.
Published: March 24, 2026 18:00 UTC
What the deal looks like
Under the agreement announced March 24, Invesco Advisers Inc. will replace Superstate as portfolio manager of the USTB fund. The transition is expected to close in the second quarter of 2026. Once complete, the fund will be renamed Invesco Short Duration US Government Securities Fund, but the USTB ticker, token address, and smart contracts will remain unchanged.
Superstate will stay on as the technology partner, handling token issuance, on-chain settlement, and digital transfer agent services. The company, founded by Compound Finance creator Robert Leshner, raised $82 million in its Series B round in January 2026. Leshner declined to disclose the financial terms of the Invesco deal.
“Invesco has been strategically building the capabilities required to support institutional-grade digital asset products since 2019, and this partnership reflects that long-term commitment,” said Kathleen Wrynn, Invesco’s global head of digital assets.
The fund currently holds exclusively short-term Treasury bills maturing between March and May 2026, with a 30-day yield near 3.44%. It has onboarded more than 150 institutional investors and processed billions in transactions since launching in early 2024.
Why it matters for institutional adoption
USTB ranks as the fourth-largest tokenized real-world asset fund by size. Its move under Invesco’s umbrella signals that traditional asset managers are no longer experimenting with tokenization on the sidelines. They are acquiring existing blockchain-native products and integrating them into their core operations.
Invesco manages over $200 billion in short-term assets through its global liquidity team, giving it the distribution network to scale USTB far beyond its current investor base. The deal positions Superstate as a white-label technology provider, a business model that could see it power tokenized funds across Wall Street rather than competing with the firms it serves.
The tokenized Treasury market has grown to roughly $12 billion, with BlackRock’s BUIDL fund leading at approximately $2.85 billion. Franklin Templeton’s BENJI token represents over $800 million in government money-market funds across seven blockchain networks. Unlike BUIDL, which holds both T-bills and repurchase agreements, USTB invests exclusively in Treasury bills.
The announcement comes one day after BlackRock CEO Larry Fink devoted much of his 2026 annual letter to tokenization. Fink compared the technology’s current stage to the internet in 1996 and noted that BlackRock now manages approximately $150 billion in digital-asset-connected assets under management.
The competitive landscape ahead
Invesco’s entry adds another heavyweight to an increasingly crowded field. Morgan Stanley recently filed for its first bank-issued spot Bitcoin ETF, and traditional finance firms are racing to build blockchain-native product lines before digital-first competitors capture the market.
Securitize, which powers BlackRock’s BUIDL fund, remains the dominant infrastructure player. Superstate is betting that the Invesco partnership validates its alternative model: build the rails, let the asset managers bring the capital.
The question now is speed. Wrynn said the partnership “pairs naturally to support Invesco’s ambitions to scale tokenized offerings over time,” suggesting USTB may be the first of several Invesco products built on Superstate’s infrastructure.
For institutional investors, the appeal is straightforward. Blockchain-based tokens enable near-instant settlement, transparent reserves, and 24/7 trading access. As more trillion-dollar managers enter the space, the gap between traditional and tokenized fixed income continues to narrow.
Frequently asked questions
What is the Superstate USTB fund?
USTB is a tokenized fund that invests exclusively in short-term U.S. Treasury bills. It launched in early 2024, manages roughly $967 million in assets, and has served over 150 institutional investors. Ownership is represented as blockchain tokens, enabling around-the-clock trading and near-instant settlement.
How does this compare to BlackRock’s BUIDL fund?
BlackRock’s BUIDL fund is the largest tokenized Treasury product at approximately $2.85 billion. It holds both T-bills and repurchase agreements and is powered by Securitize. USTB holds only Treasury bills and runs on Superstate’s own infrastructure. Both target institutional investors seeking blockchain-native fixed income exposure.
When will the Invesco takeover be complete?
The transition is expected to close in the second quarter of 2026. Once finalized, the fund will be renamed Invesco Short Duration US Government Securities Fund, but its USTB ticker, token structure, and smart contracts will remain the same. Superstate will continue operating the technology layer.
