Superstate (Invesco-managed)

What is Superstate?

Superstate is a tokenized asset-management platform that brings traditional investment products on-chain. Founded by Robert Leshner, the creator of Compound Protocol, Superstate combines DeFi innovation with traditional finance regulation. Its flagship product, USTB (Superstate Short Duration US Government Securities Fund), gives investors tokenized access to short-term Treasury yields.

USTB is now managed by Invesco, which took over management of the fund in March 2026, bringing a major traditional asset manager to the product. Across its tokenized funds, Superstate holds roughly $967 million in assets under management, deployed across Ethereum, Solana, and Plume.

Superstate's approach embodies a specific thesis: that blockchain technology can enhance traditional investment products without a wholesale departure from existing regulatory frameworks. USTB demonstrates this vision, a fund that invests like a traditional Treasury fund, is managed by Invesco, and settles like a blockchain-native asset.

How Superstate Works

Fund Structure

USTB invests in short-term US government securities:

• Primary Holdings: US Treasury bills and notes
• Duration: Short-term focus (money market style)
• Credit Quality: US Government (full faith and credit)
• Objective: Preserve capital while generating Treasury yields

Full SEC registration and compliance:

• Registered under the Investment Company Act of 1940
• SEC oversight and reporting requirements
• Regular prospectus and financial disclosures
• Independent audit requirements

Tokenization Approach

Fund shares are represented as blockchain tokens:

• Deployed across Ethereum, Solana, and Plume
• Each token represents fund shares
• NAV-based pricing
• Transfer restrictions to verified investors

Blockchain enables enhanced settlement:

• Near-instant transfer between verified wallets
• Reduced settlement time vs traditional funds
• 24/7 ownership visibility
• Potential for future DeFi integration

Custody and Administration

Superstate operates with regulated service providers:

• Qualified custodians for fund assets
• Independent fund administrator
• Audited financial statements
• Standard mutual fund infrastructure

Key Statistics

• Assets Under Management: Roughly $967M across Superstate's tokenized funds
• Flagship Fund Manager: Invesco (took over USTB management in March 2026)
• Current APY: Tracks short-term Treasury rates
• Fund Type: Short-term US government securities fund
• Token: USTB, deployed across Ethereum, Solana, and Plume
• Founder: Robert Leshner (Compound founder)
• Launch: 2023
• Chains: Ethereum, Solana, Plume

Yield Opportunities

USTB Investment (4.5-5.0% APY)

Direct investment in Superstate's tokenized Treasury fund:

• Invesco fund management
• Compound founder credibility
• Direct Treasury yield exposure
• Blockchain-native settlement across multiple chains

USTB suits investors seeking:

• A major traditional manager (Invesco) on a tokenized fund
• DeFi founder credibility combined with TradFi management
• Conservative Treasury exposure
• Multi-chain access across Ethereum, Solana, and Plume

Strategic Applications

For DAOs and crypto treasuries:

• Regulated yield on idle capital
• Bridge to traditional finance
• Reduced counterparty concentration
• Compliance-friendly structure

For corporate and fund treasuries:

• Higher yields than bank deposits
• Blockchain settlement efficiency
• Traditional fund governance
• Standard institutional reporting

Comparative Yield Analysis

Getting Started with Superstate

Step 1: Verify Eligibility

Review investor requirements:

• Accredited investor status (for certain share classes)
• US or non-US investor eligibility
• Minimum investment requirements
• Standard mutual fund eligibility

Step 2: Open Account

Create Superstate investor account:

• Visit Superstate website
• Complete investor application
• Provide KYC/AML documentation
• Set up Ethereum wallet for USTB

Step 3: Invest

Complete fund subscription:

• Review fund prospectus and disclosures
• Wire USD to fund account
• Receive USTB tokens in wallet
• Begin earning Treasury yields

Step 4: Manage and Monitor

Ongoing investment management:

• Track yields through Superstate portal
• Monitor NAV and distributions
• Request redemptions as needed
• Standard mutual fund tax reporting
• Compare with DeFi options using Fensory

Risk Considerations

USTB carries typical Treasury fund risks:

• Interest rate sensitivity
• Not FDIC insured
• Principal not guaranteed
• Yield fluctuation with Fed policy

Invesco took over USTB management in March 2026:

• A management transition to a major traditional asset manager
• Product terms and operations may evolve under Invesco
• Relatively recent 2023 fund launch, still building history

SEC-registered status means:

• Subject to regulatory changes
• Compliance costs embedded
• Potential future regulatory evolution
• Traditional fund constraints

Current restrictions include:

• Transfers only to verified investors
• Cannot be used in permissionless DeFi
• Limited secondary market
• Traditional fund liquidity

USTB token carries blockchain risks:

• Contract vulnerabilities possible
• Network dependencies
• Wallet security responsibility

Superstate vs Other SEC-Registered Funds

Frequently Asked Questions

Robert Leshner founded Compound Protocol, one of the most successful DeFi lending protocols with billions in TVL at its peak. His transition to regulated products with Superstate signals a maturation of DeFi thinking, applying blockchain innovation within traditional regulatory frameworks.

Compound is a DeFi lending protocol with variable rates and smart contract risks. USTB is an SEC-registered fund investing in Treasury securities. USTB offers regulatory protection and stable Treasury yields, while Compound offers higher but variable DeFi yields with different risk profiles.

Currently, USTB has transfer restrictions limiting use in permissionless DeFi. Superstate is exploring future composability options, but as an SEC-registered security, USTB cannot freely integrate with unregulated DeFi protocols.

Both are tokenized Treasury funds managed by major traditional asset managers, BUIDL by BlackRock and USTB by Invesco (which took over USTB management in March 2026). BUIDL has BlackRock's brand and larger AUM, while USTB pairs Invesco management with DeFi founder roots and multi-chain deployment across Ethereum, Solana, and Plume. Choose based on your preferences for manager, chains, and investment requirements.

USTB is designed to be more accessible than some institutional-only products. Check current minimum requirements and eligibility criteria, as Superstate aims to serve a broader investor base while maintaining regulatory compliance.