Invesco Files for Tokenized Stablecoin-Reserve Money Market Fund Built on Superstate Rails

Invesco, the asset manager with $2.45 trillion under management, filed with the U.S. Securities and Exchange Commission to launch a money market fund whose shares are recorded as tokens on public blockchains and that is designed to hold the reserves to back stablecoins.

The filing for the Invesco Stablecoin Reserves Onchain Fund was submitted Wednesday under the Short-Term Investments Trust and proposes the fund become effective 60 days after filing.

Superstate Services LLC, the digital transfer agent founded by Compound creator Robert Leshner, will act as sub-transfer agent, maintaining the official record of share ownership through what the filing calls a "blockchain-integrated recordkeeping system." The specific blockchain is listed as undetermined in the filing, though the document repeatedly references Ethereum in its risk disclosures.

The fund is a Rule 2a-7 government money market fund seeking a stable $1.00 share price. It does not invest in crypto. Per the filing, it holds cash, U.S. Treasury bills, notes and bonds with a remaining maturity of 93 days or less, and overnight repurchase agreements collateralized by Treasuries — the narrow set of eligible reserve assets that payment stablecoin issuers are permitted to hold under the GENIUS Act, the federal stablecoin law signed in July 2025.

The fund states explicitly that it does not invest in stablecoins or in stablecoin issuers. Its 93-day maturity ceiling is tighter than the standard 397-day limit Rule 2a-7 otherwise allows, matching the GENIUS Act's reserve-asset rules.

Blockchain-based Shares

Under the filing, ownership and transfer of shares are "authenticated and recorded as a token on a permissionless, public blockchain," with the public ledger and an off-chain register together forming the official shareholder register.

The filing adds Invesco to a fast-growing 2026 race among asset managers building money market funds to hold stablecoin reserves under the GENIUS Act and, increasingly, putting them on public blockchains.

JPMorgan launched a tokenized reserve fund on Ethereum in May, and BlackRock has filed similar vehicles. What sets Invesco's apart is its reliance on Superstate's third-party tokenization and transfer-agent infrastructure rather than a proprietary, in-house platform, extending a partnership the two firms struck earlier this year.

A Crowded Field

The fund enters a crowded race. At least eight other major asset managers have launched or filed GENIUS Act reserve funds in 2026, and under the hood they look nearly identical: each is a Rule 2a-7 government money market fund targeting a stable $1.00 share price, and each holds the same narrow set of GENIUS-permitted assets — cash, U.S. Treasuries maturing in 93 days or less, and overnight repurchase agreements backed by Treasuries. None invests in crypto. What separates them is how they issue shares.

Most record shares conventionally, off-chain. Those include Morgan Stanley's Stablecoin Reserves Portfolio (MSNXX), launched in April; State Street's Stablecoin Reserves Money Market Fund (SSCXX), launched June 8; Fidelity's Reserves Digital Fund (FYMXX), launched in mid-June; BNY's Dreyfus Stablecoin Reserves Fund; Goldman Sachs Asset Management's Stablecoin Reserves Fund; and BlackRock's Circle Reserve Fund, which manages reserves backing Circle's USDC. Federated Hermes' Digital Treasury Fund (OFFXX) carries a crypto-oriented name but does not use blockchain technology, the firm has said.

A smaller group issues fund shares directly as tokens on a public blockchain — the structure Invesco is pursuing, and the feature that makes its filing notable rather than novel. JPMorgan moved first, launching its OnChain Liquidity-Token Money Market Fund (JLTXX) on public Ethereum in May, and BlackRock has filed for additional tokenized money market funds. Like Invesco's proposed fund, JLTXX records share balances at investors' blockchain addresses, though JPMorgan keeps the official ownership ledger off-chain through a traditional transfer agent and runs the fund on its own in-house Kinexys platform rather than a third-party crypto firm's rails.

The contest is over scale. Stablecoin issuance stands at roughly $315 billion today, according to DefiLlama, and State Street cites estimates that it could grow to between $1.9 trillion and $4 trillion by 2030 — the pool of reserves all these funds are built to manage.

Superstate's Infrastructure at the Center

Superstate runs what the filing describes as a permissioned system operating on top of public, permissionless blockchains. The firm registers each wallet against off-chain identity records and grants transaction permission only to approved wallets on an "Allowlist." Smart contracts enforce transfer restrictions, can freeze shares, and can burn and re-mint tokens if a holder loses control of a wallet, per the filing.

The arrangement extends a relationship that began earlier this year. In March, Invesco took over management of Superstate's flagship tokenized Treasury fund USTB, becoming the first independent asset manager to use Superstate's digital transfer agent rails — a deal Leshner called "the blueprint for how funds and ETFs will come onchain."

Superstate has since handed its USCC crypto carry fund to Bitwise and powered the launch of Coinbase Asset Management's tokenized credit fund through its FundOS platform, as it pivots from running funds toward operating tokenization infrastructure for other managers. Superstate's onchain assets currently total roughly $769 million, the majority on Ethereum, according to DefiLlama.

Tokenized U.S. Treasuries and money market funds have grown into the largest real-world-asset category onchain, surpassing $15 billion, per RWAxyz figures. Tokenized RWAs overall have grown past $30 billion.

Not Live Yet

This is a registration statement, not a live fund. The filing is marked "subject to completion," the fund's ticker and the designated blockchain are left blank, and Invesco may amend or withdraw it before it takes effect. Several GENIUS Act implementing rules from the OCC, FDIC, and Treasury remain unfinalized, and the filing warns that changes to those rules could force the fund to adjust holdings or operations.

The fund could become effective as soon as 60 days after the Tuesday filing if the SEC does not intervene. Invesco and Superstate have not announced a launch date, a supported blockchain, or a management fee for the new fund.