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.
Stay in the know on crypto by frequently visiting Crypto News Today
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).
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.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
