TLDR
- Invesco filed with the SEC for a tokenized stablecoin reserve fund.
- The fund would invest in cash and short-term U.S. Treasuries.
- The proposed fund is designed to maintain a $1.00 net asset value.
- Superstate was named as sub-transfer agent for tokenized fund shares.
- The fund targets stablecoin issuers seeking compliant reserve management.
Invesco has filed with the U.S. Securities and Exchange Commission to launch a tokenized fund designed to serve the stablecoin reserve market, extending the asset manager’s push into blockchain-based financial products.
The proposed Invesco Stablecoin Reserves Onchain Fund would invest in cash and short-term U.S. Treasury securities, according to the filing. The fund is structured to maintain a $1.00 net asset value and would record shares on public blockchains through a tokenized ownership system.
The filing places Invesco, which manages about $2.5 trillion in assets, among a growing group of traditional asset managers building products for stablecoin issuers. These issuers are required to hold liquid reserves, often in cash or Treasury securities, to support the value of payment stablecoins.
Invesco Targets Stablecoin Reserve Market
The proposed fund was filed as part of Invesco’s Short-Term Investments Trust and is expected to become effective 60 days after submission, according to the registration documents. The portfolio would focus on high-quality short-term assets, mainly cash equivalents and U.S. government securities.
The fund’s structure matches the reserve profile used by stablecoin issuers that need liquidity to meet redemptions. Stablecoins are designed to maintain a fixed value, usually one U.S. dollar, and their issuers typically hold reserve assets to support that price target.
Invesco’s filing is connected to the GENIUS Act, which created a federal framework for payment stablecoins and set reserve requirements for issuers. The proposed fund appears designed to give stablecoin companies a regulated vehicle for holding reserve assets rather than managing short-term Treasury portfolios directly.
An Invesco spokesperson declined to comment on the filing, saying the firm does not comment on products that remain in registration. The filing does not yet identify which public blockchain networks will be used for tokenized fund shares.
Superstate Named in Tokenization Role
The filing named Superstate as sub-transfer agent for the fund. Superstate will manage the blockchain-integrated shareholder registry, combining traditional fund records with onchain tokens that represent fund ownership.
The role builds on Invesco’s existing relationship with Superstate. Earlier in 2026, Invesco took over management of Superstate’s tokenized Treasury fund, known as USTB, and began using Superstate’s blockchain-based FundOS platform.
That fund has accumulated roughly $900 million to $967 million in assets under management, according to the reported figures. The partnership made Invesco one of the first large third-party asset managers to use Superstate’s digital transfer agent infrastructure.
Tokenized money market and Treasury funds have become a major area of development for asset managers because they allow traditional fund shares to be recorded, transferred, and settled using blockchain rails. Invesco now joins firms such as BlackRock, Franklin Templeton, Fidelity, State Street, and ProShares in expanding blockchain-linked cash management products.
Asset Managers Compete for Digital Dollar Reserves
The stablecoin reserve market has become more attractive as the digital dollar supply grows. Stablecoin issuers need reserve managers, custody arrangements, liquidity tools, and compliant investment products as their assets expand.
Citigroup has projected that the stablecoin market could reach as much as $4 trillion by 2030, compared with about $300 billion today. That growth would create a larger pool of reserve assets for traditional fund managers to oversee.
BlackRock, State Street, and ProShares have also filed for products aimed at stablecoin reserve management. For stablecoin issuers, a fund such as Invesco’s could offer daily liquidity, Treasury exposure, and a familiar fund structure while supporting blockchain-based ownership records. These features may reduce the need for issuers to build their own reserve management systems.
The product also adds blockchain-related operational considerations, including smart contract, network, and transfer-agent risks. The final structure will depend on SEC review, the selected blockchain networks, and how stablecoin reserve rules are implemented under the GENIUS Act.
