A press release titled, "Invesco and Superstate Advance Institutional Tokenization Through USTB Partnership," tells us, "Invesco Ltd., a leading global asset management firm, and Superstate, the premier financial technology firm reshaping capital market infrastructure, ... announced a collaboration in which Invesco Advisers, Inc. will become investment manager of Superstate Short Duration US Government Securities Fund (USTB). USTB, Superstate's tokenized short-duration U.S. treasuries fund, will continue to be powered by Superstate's best-in-class tokenization technology. Through this collaboration, Invesco will become the first asset manager to utilize Superstate's digital transfer agent infrastructure."
The release explains, "With over $967 million in assets under management (AUM) and among the top five largest tokenized U.S. treasuries funds globally, USTB brings together two complimentary leaders: Invesco, one of the world's largest asset managers with over $2.2 trillion in AUM, and Superstate, the leading fintech company bringing Wall Street's capital markets onchain."
It continues, "USTB will be managed by Invesco's Global Liquidity team, which has over forty-five years of experience in managing money market and other short-term cash management products. Invesco's Global Liquidity Team, led by Laurie Brignac, Chief Investment Officer and Head of Global Liquidity, will add USTB to the over $200 billion in assets it manages."
Robert Leshner, Co-Founder & CEO of Superstate, comments, "Our collaboration with Invesco marks the first time an independent asset manager has leveraged Superstate's tokenization infrastructure. 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."
Invesco's Global Head of Digital Assets Kathleen Wrynn adds, "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. Superstate's onchain infrastructure pairs naturally to support Invesco's ambitions to scale tokenized offerings over time, and USTB already demonstrates how tokenization can enhance access and efficiency for short-duration government exposure."
The release states, "Launched in early 2024, USTB was Superstate's first tokenized fund and among the earliest institutional-grade products focused on providing crypto-native institutional investors exposure to short-duration U.S. treasury securities. Since inception, USTB has onboarded over 150 different institutional investors and has processed billions of dollars of transactions. USTB's growth into one of the largest tokenized U.S. treasuries funds globally reflects market validation of its institutional-grade infrastructure. As Invesco expands USTB's reach, Superstate remains focused on advancing the underlying technology and onchain platform to keep the fund at the forefront of the market."
Finally, it says, "USTB will maintain its investment strategy and structure, with Invesco taking over day to-day portfolio management responsibilities. Superstate will continue operating the fund's onchain infrastructure, including tokenized issuance, blockchain-based settlement and digital transfer agency services, while expanding DeFi integrations and broadening support across the crypto ecosystem. Upon completion of the transition, expected in Q2 2026, USTB will be renamed Invesco Short Duration US Government Securities Fund, while maintaining the same USTB ticker, smart contracts and token address."
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of March 20) includes Holdings information from 67 money funds (up 10 from a week ago), or $4.215 trillion (up from $4.044 trillion) of the $8.263 trillion in total money fund assets (or 51.0%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our March 11 News, "March MF Portfolio Holdings: Assets, Treasuries, Repo & Agencies All Up.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.941 trillion (up from $1.937 trillion a week ago), or 46.0%; Repurchase Agreements (Repo) totaling $1.484 trillion (up from $1.413 trillion a week ago), or 35.2%, and Government Agency securities totaling $397.8 billion (up from $380.0 billion a week ago), or 9.4%. Commercial Paper (CP) totaled $171.8 billion (up from $146.5 billion a week ago), or 4.1%. Certificates of Deposit (CDs) totaled $92.7 billion (up from $73.2 billion a week ago), or 2.2%. The Other category accounted for $76.1 billion or 1.8%, while VRDNs accounted for $51.5 billion or 1.2%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.941 trillion, Fixed Income Clearing Corp with $568.1B, the Federal Home Loan Bank with $227.6B, JP Morgan with $134.1B, RBC with $108.3B, Federal Farm Credit Bank with $102.1B, BNP Paribas with $90.2B, Citi with $75.0B, Wells Fargo with $74.6B and Bank of America with $58.6B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($323.5B), JPMorgan 100% US Trs MM ($318.8B), Fidelity Inv MM: Govt Port ($271.4B), Morgan Stanley Inst Liq Govt ($219.1B), State Street Inst US Govt ($216.9B), BlackRock Lq FedFund ($193.8B), Federated Hermes Govt ObI ($188.1B), BlackRock Lq Treas Tr ($175.1B), Fidelity Inv MM: MM Port ($168.9B) and Dreyfus Govt Cash Mgmt ($156.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
