Invesco, the $2.2 trillion asset manager and distributor of the QQQ ETF, is taking over management of USTB, the tokenized money market fund built by Superstate, in what amounts to one of the first acquisitions of an existing crypto-native fund by a traditional asset manager1. The fund, which holds $950 million in assets and ranks as the fifth largest tokenized MMF, will be renamed the Invesco Short Duration US Government Securities Fund in May while continuing to trade under the USTB ticker on its existing smart contracts and token addresses. Existing investors need take no action.
The deal tips a notable balance in the sector. TradFi-branded products will account for the majority of the top 10 tokenized money market funds by AUM, with Franklin Templeton, BlackRock and now Invesco among the leading names. The holdouts are Circle’s USYC, which leads the sector, two Ondo funds and France’s Spiko. The underlying tension is that a large share of even the institutional investors in these products remain crypto native.
For Superstate, handing off the flagship fund is a deliberate strategic statement. The firm has been building toward digital securities infrastructure rather than asset management at scale. It operates as an SEC registered transfer agent, partnered with Galaxy Digital to tokenize Galaxy’s Nasdaq-listed shares at the transfer agent level, and launched Opening Bell, a platform allowing public companies to issue new tokenized stock directly to investors with stablecoin settlement. At what looks like an early inflection point for digital securities, running a fund and selling the rails are different businesses.
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