Invesco seeks to launch tokenized stablecoin reserve fund in U.S.

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Invesco tokenized stablecoin fund

Highlights

Invesco filed to launch the Invesco Stablecoin Reserves Onchain Fund, targeting a stable $1 NAV and leveraging Superstate blockchain infrastructure, with effectiveness expected approximately 60 days after June 24.
The fund will serve stablecoin issuers by offering SEC-compliant, yield-generating, tokenized government money market exposure, directly competing with recent offerings from State Street, BlackRock, Morgan Stanley, and others.
Invesco extends its partnership with Superstate, following its March takeover of the $700 million tokenized U.S. Treasury fund, now managed as the Invesco Short Duration US Government Securities Fund.

Fund structure and filing timeline

As reported by the Securities and Exchange Commission filing, Invesco has asked to add the Invesco Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust, a long-standing Delaware statutory trust that already houses other money market-style products.

The proposed fund, which does not yet have a ticker, is designed to maintain a stable $1 net asset value by investing mainly in U.S. Treasuries, repo agreements, and cash equivalents. It is set to use blockchain infrastructure firm Superstate as sub-transfer agent, with tokenized shares recorded on designated public blockchains.

Invesco last calculated its assets under management at $2.45 trillion in a May 31 report. The filing says the new fund is expected to become effective about 60 days after the June 24 submission.

Stablecoin reserve competition intensifies

The structure is aimed at stablecoin issuers seeking compliant reserves that can generate yield while preserving daily liquidity. Like State Street's SSCXX, Invesco's proposed product will be listed as a government money market vehicle under Rule 2a-7.

The launch effort comes as large Wall Street firms push further into tokenized cash-management products following the GENIUS Act, which established a federal framework for U.S. stablecoins and clarified which assets qualify as reserves. Similar offerings have emerged from BlackRock, Morgan Stanley, BNY, JPMorgan, Goldman Sachs, and, more recently, State Street.

The new filing also extends Invesco's existing work with Superstate. In March, Invesco took over day-to-day portfolio management of Superstate's $700 million tokenized U.S. Treasury fund, now named the Invesco Short Duration US Government Securities Fund, while Superstate continued to provide tokenization support under the USTB ticker.

Surging U.S. bond ETF inflows were the focus of our earlier coverage, as investors boosted allocations to Treasuries and multi-sector income strategies amid equity volatility and ongoing inflation uncertainty. We noted that resilient real yields and shifting inflation expectations kept demand for income elevated, while changes in Fed guidance and a softening labor backdrop added to the appeal of actively managing duration exposure.

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