Invesco has agreed to take over management of Superstate’s flagship tokenised US Treasuries fund, becoming the latest major asset manager to expand into on‑chain liquidity products just a week after Amundi launched its own tokenised cash‑management vehicle.
The deal will see Invesco become investment manager of the Superstate Short Duration US Government Securities Fund (USTB), a tokenised Treasuries strategy that has grown to $967m in assets and attracted more than 150 institutional investors since launching in 2024.
Superstate will continue to run the fund’s tokenisation infrastructure, including issuance, blockchain settlement and digital transfer agency. The fund is expected to be renamed the Invesco Short Duration US Government Securities Fund in Q2 2026, keeping its USTB ticker and smart‑contract address.
Superstate founder and CEO Robert Leshner said the partnership marks a shift in how traditional funds move on‑chain. “This is the blueprint for how funds and ETFs will come onchain — and we couldn’t ask for a better partner to lead the way,” he said.
Kathleen Wrynn, Invesco’s global head of digital assets, said the firm sees tokenisation as a natural extension of its liquidity capabilities. “Superstate’s onchain infrastructure pairs naturally to support Invesco’s ambitions to scale tokenized offerings over time,” she said.
The announcement follows Amundi’s launch last week of the Spiko Amundi Overnight Swap Fund (SAFO), a tokenised sub‑fund aimed at corporate and institutional treasury teams.
The back‑to‑back moves from Invesco and Amundi suggest tokenised liquidity products are shifting from experimentation to competitive positioning, with major managers now targeting institutional demand for regulated structures offering programmable settlement, real‑time transparency and operational efficiency.
