Superstate USTB is a tokenized short-duration US government securities fund, organised as a Delaware trust and managed with Invesco, offered to qualified purchasers under a Reg D private placement. It holds short Treasuries and agency paper with daily liquidity, and ownership is recorded directly on-chain. USTB scores 81/100 (Tier 2) on the RWTS Trust Score, strong on backing, regulatory framing and verification. The main constraints are permissioned, institutions-only access and reliance on the fund's daily subscription and redemption process rather than open secondary-market trading.
- Issuer / protocol
- Superstate
- Jurisdiction
- United States (Delaware)US Reg D 506(c), 3(c)(7)
- Backing
- U.S. Treasury securities (Invesco managed)
- Redemption / lock-up
- Permissioned (institutional)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 2 — Treasury & Fiat-Backed
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.19% sits at 32% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.19%. Actual returns may vary. Not financial advice.
SEC-registered private fund; on-chain access expanding.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Backed by U.S. Treasury securities, asset management by Invesco; sovereign debt instruments.
Invesco standard NAV publication and audited financial reporting; Big Four-equivalent institutional attestation.
Weekly redemption windows for permissioned institutional holders.
Superstate financial audit + smart contract audits; institutional security standard.
Superstate is SEC-registered; fully US-regulated; Invesco asset manager fully regulated; clear US jurisdiction.
Live since Q1 2024, ~16 months of stable operation, no material incidents.
REDEMPTION_WEEKLY_WINDOWSRedemption available in weekly windows, not same-day.
REDEMPTION_INSTITUTIONAL_ONLYUSTB access restricted to qualified institutional investors.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond USTB's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $872.86M indicates healthy on-chain liquidity. Lock-up: Permissioned (institutional).