Invesco filed an amended registration statement with the U.S. Securities and Exchange Commission on June 24, 2026, to launch the Invesco Stablecoin Reserves Onchain Fund — a tokenized money market vehicle designed to hold assets backing payment stablecoins — naming Superstate Services LLC as sub-transfer agent. The fund, which has no ticker yet, will be added to Invesco's existing Short-Term Investments Trust portfolio and is expected to become effective approximately 60 days after the filing date. According to The Defiant's analysis of the SEC filing, the fund will hold cash, U.S. Treasury bills, notes and bonds with a remaining maturity of 93 days or less, and overnight repurchase agreements collateralized by Treasuries. Shares will be recorded as tokens on public blockchains, with Superstate Services LLC — the digital transfer agent founded by Compound creator Robert Leshner — acting as sub-transfer agent. Superstate has historically tokenized fund shares on Ethereum and Solana. The filing deepens a relationship between Invesco and Superstate that formally began earlier in 2026. Invesco assumed day-to-day portfolio management of the Superstate Short Duration US Government Securities Fund (USTB), which held over $900 million in assets under management at the time of that announcement. That fund, which holds only T-bills, ranked as the fourth largest RWA fund at the time. The new stablecoin reserves filing extends that arrangement by targeting a distinct and growing segment of institutional demand: the reserve assets that stablecoin issuers are required to hold under federal law. Superstate, founded in 2022 and backed by an $82 million Series B raised in January 2026, operates as both a transfer agent and a white-label tokenization infrastructure provider. The Invesco filing illustrates that model in practice: rather than building proprietary on-chain infrastructure, Invesco is deploying Superstate's FundOS rails for a fund registered under its own trust structure. Invesco reported $2.45 trillion in assets under management as of May 31, 2026. The competitive context is dense. According to FinanceFeeds reporting on the filing, State Street launched a similar GENIUS Act-compliant money market fund the week before Invesco's filing, following comparable offerings from BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs. Citigroup has projected that the stablecoin market could expand to as much as $4 trillion by 2030, up from roughly $300 billion at the time of the filing. That projected growth in stablecoin issuance directly implies demand for qualifying reserve assets — the market the Invesco fund is structured to serve.
Invesco's approach differs from some competitors by relying on third-party tokenization infrastructure rather than proprietary platforms. The CoinDesk report on the Invesco SEC filing noted that the firm's earlier assumption of USTB management marked the first deployment of Superstate's infrastructure by an external asset manager of Invesco's scale. The new fund would be the second product in that arrangement, this time built specifically around stablecoin reserve demand rather than general Treasury exposure.
The filing does not identify specific stablecoin issuers as clients or counterparties, nor does it disclose fee structures, minimum investment thresholds, or which public blockchains will be used for token issuance at launch. The SEC has not yet declared the registration effective, and the fund has not begun operations. The filing also does not specify whether the fund will seek GENIUS Act certification or how it will handle redemption mechanics during periods of market stress.
The immediate concrete effect of the June 24 filing is that Invesco has formally entered the regulatory queue for a tokenized stablecoin reserve product, with Superstate confirmed as the on-chain infrastructure provider. The filing does not establish a launched fund, a live client relationship with any stablecoin issuer, or an approved product — those outcomes depend on SEC review over the approximately 60-day period following submission.
