Invesco to Take Over $967M Tokenized Treasury Fund USTB as RWA Market Surpasses $26B and NYSE Explores Onchain Securities

Asset Management Transition Keeps USTB Infrastructure Intact While Institutional Tokenization Expands Across Markets

TL;DR

• Invesco will assume management of Superstate’s $967 million USTB fund, with transition set for Q2 2026
• Tokenized real-world assets exceed $26 billion, with Treasuries at $12 billion and growing institutional participation
• NYSE partners with Securitize as regulators publish joint token taxonomy framework in March

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Invesco, a global asset manager with more than $2.2 trillion in assets under management as of Dec. 31, 2025, will assume portfolio management of Superstate’s tokenized U.S. Treasury fund USTB, according to an announcement released on March 24, 2026. The fund, launched in early 2024, has grown to approximately $967 million in assets and offers exposure to short-term U.S. Treasury bills designed to deliver stable income, liquidity, and returns near the federal funds rate.

USTB will continue operating on Superstate’s blockchain-based infrastructure following the transition, with Invesco taking responsibility for portfolio management while Superstate maintains tokenized issuance, settlement, and transfer agency functions. The transition is expected to be completed in the second quarter of 2026, after which the fund will be renamed Invesco Short Duration US Government Securities Fund while retaining its existing ticker, smart contracts, and token address.

Invesco’s Global Liquidity team, which manages approximately $219 billion across money market and short-duration cash products and has more than 45 years of experience, will oversee day-to-day operations of the fund. Superstate, an SEC-registered investment adviser, will continue enabling real-time settlement of tokenized fund shares and compliance across the transaction lifecycle.

Superstate co-founder and chief executive Robert Leshner said, “Our collaboration with Invesco marks the first time an independent asset manager has leveraged Superstate's tokenization infrastructure,” adding, “This is the blueprint for how funds and ETFs will come onchain.” Kathleen Wrynn, Invesco’s Global Head of Digital Assets, said the firm has been “strategically building the capabilities required to support institutional-grade digital asset products” for years.

Superstate has onboarded more than 150 institutional investors into USTB since launch and has processed billions of dollars in transactions through the fund. The firm also raised $82.5 million in a Series B round in January, bringing its total capital raised to more than $100 million.

Tokenized real-world assets have exceeded $26 billion, according to data referenced in the report, with tokenized U.S. Treasuries accounting for around $12 billion. Analysts cited in the same coverage projected the broader tokenized asset market could reach between $20 billion and $30 billion by 2026.

Major financial institutions including BlackRock, Franklin Templeton, JPMorgan, Goldman Sachs, BNY Mellon, Citibank, and Bank of America have entered or are developing tokenized offerings. BlackRock’s tokenized fund BUIDL has surpassed $1 billion in assets under management, according to the report.

Regulatory developments also advanced in March, when the SEC and CFTC jointly published a token taxonomy framework outlining how digital securities should be classified and treated under existing law. The framework was described as providing the clearest federal guidance to date.

New York Stock Exchange announced a memorandum of understanding with Securitize to explore issuance and trading of tokenized securities using blockchain-based infrastructure. The initiative focuses on improving settlement processes and asset transfer mechanisms within regulated markets.

BlackRock CEO Larry Fink wrote in his March 23 annual chairman’s letter, “Tokenization could help accelerate that future by updating the plumbing of the financial system—making investments easier to issue, easier to trade, and easier to access.”

This article has been refined and enhanced by ChatGPT.