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Superstate, a Real-world Asset Firm, Launches the First Fund that Tokenizes US Treasury Bonds

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Modernizing investment funds is the goal of Robert Leshner’s new venture.

Today marks the debut of Superstate’s first fund, a tokenized investment product made by asset manager.

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According to a release shared with The Defiant, the fund, named USBT, would invest in short-term U.S. Treasuries and levy a 15 basis point management fee.

CryptoCaster Quick Check:

USBT can only be purchased by Qualified Purchasers, an entity designated by the U.S. Securities and Exchange Commission (SEC) and usually limited to those with a net worth of at least $5 million.

Investors will have the option to self-custody their USBT at any address. Additionally, they will be free to safeguard the assets using various security methods, such as multisignature wallets, multi-party computation (MPC), or conventional externally owned accounts (EOAs).

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Another option for custody will be the federally chartered bank Anchorage Digital.

USBT is set to join a crowded market for tokenized Treasury securities. As per a dashboard from rwa.xyz, a number of initiatives have already tokenized $862 million in U.S. Treasury securities.

Superstate, however, asserts that its methodology is distinct.

An email from a Superstate representative to The Defiant stated, “USTB is a fund that owns government securities directly, rather than packaging ETFs or another product (which involves additional levels of costs)”. “Basically, it’s a proof-of-concept for Superstate’s tokenization technology.”

According to RWA, projects like Ondo Finance, which made a splash last year with its wrapped ETF offerings, have now raised over $126 million for the initiative.

Superstate is using a slightly different strategy in that USTB is an Ethereum blockchain-native fund rather than a representation of any pre-existing securities.

According to its website, Superstate is launching the product as part of its attempts to “modern[ize] the architecture of investment funds.”

A representative for Superstate said, “Modernizing investment funds refers to our ambition of applying our tokenization technology across asset classes, types of investors, and locations over time, at scale,” when the Defiant requested the company to further on its goals.

One of DeFi’s earliest businesses, Compound Finance is a loan platform with $2.1 billion in total value locked (TVL) and was developed by Superstate CEO Robert Leshner.

In November, Superstate secured $14 million in funding through a joint venture managed by venture firms Distributed Global and CoinFund.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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