Invesco takes over Superstate tokenised Treasury fund
Invesco will become the investment manager of Superstate's tokenised short-duration US Treasuries fund, USTB, bringing one of the world's largest asset managers into its day-to-day portfolio management.
Under the arrangement, Invesco Advisers will take over management of the Superstate Short Duration US Government Securities Fund, while Superstate will continue to run the fund's on-chain infrastructure, including tokenised issuance, blockchain-based settlement and digital transfer agency services.
USTB has nearly USD $967 million in assets under management and ranks among the five largest tokenised US Treasuries funds globally, according to figures cited by the companies. Invesco manages more than USD $2.2 trillion in assets overall, with its Global Liquidity team overseeing more than USD $200 billion.
The partnership gives Invesco a role in one of the better-known tokenised Treasury products for institutional investors, a market drawing increasing interest from traditional finance groups and digital asset firms. It also marks the first time an independent asset manager has used Superstate's digital transfer agent infrastructure, according to the companies.
Launched in early 2024, USTB was Superstate's first tokenised fund. The vehicle offers exposure to short-duration US Treasury securities and has attracted more than 150 institutional investors since launch, while processing transactions worth billions of dollars.
USTB will be managed by Invesco's Global Liquidity team, led by Laurie Brignac, chief investment officer and head of global liquidity. The fund will keep its existing investment strategy and structure even as portfolio management shifts to Invesco.
Manager shift
The transfer is expected to be completed in the second quarter of 2026. After the handover, USTB will be renamed the Invesco Short Duration US Government Securities Fund, though it will retain the USTB ticker, smart contracts and token address.
The structure is intended to preserve continuity for existing holders while shifting investment oversight to a large established manager. Superstate will remain responsible for the technology layer that records ownership and handles settlement on blockchain rails.
Tokenised Treasury funds have become one of the most active areas of the market for blockchain-based financial products. They package low-risk government securities in a format that can be transferred and settled using digital asset infrastructure, appealing to institutions seeking Treasury exposure alongside faster or more flexible market access.
For Invesco, the agreement extends work on digital asset products for institutional clients that it says began several years ago. For Superstate, it adds a large-scale asset management partner for a fund that has grown close to the USD $1 billion mark.
Robert Leshner, co-founder and chief executive of Superstate, described the agreement as a sign of how traditional fund management and tokenisation platforms may work together.
"Our collaboration with Invesco marks the first time an independent asset manager has leveraged Superstate's tokenisation infrastructure," said Robert Leshner, Co-founder and Chief Executive of Superstate. "This is the blueprint for how funds and ETFs will come on-chain - and we couldn't ask for a better partner to lead the way."
Invesco presented the deal as part of a longer-term push into digital assets and tokenised investment products.
"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, Global Head of Digital Assets at Invesco. "Superstate's on-chain infrastructure pairs naturally to support Invesco's ambitions to scale tokenised offerings over time, and USTB already demonstrates how tokenisation can enhance access and efficiency for short-duration government exposure."
The transaction leaves Superstate in charge of expanding integrations with decentralised finance venues and broadening support across the crypto market, while Invesco assumes responsibility for the portfolio itself. The division of labour reflects an emerging model in tokenised finance, in which an established fund manager oversees the underlying assets and a specialist technology firm operates the blockchain-based infrastructure.
As the market develops, USTB's transition will be watched as a test of whether large traditional managers can take over investment functions in tokenised funds without disrupting their digital structure.