Coin columns · Ethereum City (Capital)
USTB: A Tokenized Treasury Fund Now Managed by Invesco
Started by Superstate in 2024; Invesco took over in 2026
USTB is a token representing shares in a private fund that invests in short-term US Treasury bills. Superstate launched it in early 2024, and in 2026 the global asset manager Invesco took over its management, renaming it the Invesco Short Duration US Government Securities Fund.
1. Who makes and manages it
Superstate was founded in 2023 by Robert Leshner, creator of the lending protocol Compound, to bring traditional funds onto blockchains. USTB, its first tokenized fund, was announced on Ethereum in February 2024. Tokenized shares record ownership on-chain and can move directly between approved wallets.
In March 2026 Invesco and Superstate said Invesco Advisers would take over day-to-day investment management. The ticker, smart contracts and token address stayed the same while the name changed, and Superstate still runs the on-chain side: issuance, settlement and transfer-agent record keeping. On the Crypto Nation map, USTB stands in Ethereum City (the capital), because it was first issued on Ethereum.
2. Structure and mechanics
USTB is a private fund set up as a series of a Delaware statutory trust, holding short-dated US Treasury bills. Interest is not paid out but builds up in the net asset value (NAV) per share, so each token, which started at $10, is worth slightly more over time.
Only investors who meet US securities-law thresholds can invest, with a $100,000 minimum unless waived, and their wallet addresses must be allowlisted first. Shares can be bought and redeemed by dollar wire or with the stablecoin USDC, and USDC orders are processed immediately even on holidays. The fund page lists BNY Mellon as custodian and PwC as auditor.
3. Where it is used
USTB is issued as a token on Ethereum, Solana and Plume, and investors may hold book-entry shares instead. Tokens move freely between allowlisted wallets.
Crypto firms and institutions use tokenized Treasuries to earn Treasury yield on idle dollars while keeping them on-chain. USTB is connected to lending markets such as Aave on Ethereum and Kamino on Solana, where it can serve as collateral, and Invesco became the first asset manager to use Superstate’s digital transfer-agent infrastructure — a traditional manager taking over a crypto-native fund.
4. Things to know
USTB is not a coin anyone can trade but a security for qualified investors who pass identity checks. Although it holds Treasuries, it is not a deposit with guaranteed principal, and returns change with interest rates.
Tokens are bound by the allowlist and the issuer’s controls, so they cannot go to any wallet like ordinary crypto. Smart-contract bugs or chain outages, possible confusion when the operating structure changes, as with the manager switch, and new rules for tokenized securities are worth watching. Instant USDC redemptions also depend on the fund’s available liquidity.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.