Invesco has officially submitted a filing to the U.S. Securities and Exchange Commission (SEC) to launch a tokenized fund tailored for the growing stablecoin reserve market. This strategic move signifies the asset management giant’s commitment to expanding its offerings in blockchain-based financial products.
The proposed Invesco Stablecoin Reserves Onchain Fund will primarily invest in cash and short-term U.S. Treasury securities. The structure of the fund is designed to maintain a steady net asset value of $1.00, utilizing a tokenized ownership system recorded on public blockchains.
This filing positions Invesco, which manages approximately $2.5 trillion in assets, alongside an increasing number of traditional asset managers who are developing products specifically for stablecoin issuers. These issuers need to maintain liquid reserves, often in the form of cash or Treasury securities, to uphold the value of payment stablecoins.
Invesco’s Strategic Focus on Stablecoin Reserves
The proposed fund is part of Invesco’s Short-Term Investments Trust and is anticipated to take effect 60 days after the submission date, as outlined in the registration documents. The fund will concentrate on high-quality short-term assets, predominantly cash equivalents and U.S. government securities.
This structure aligns with the reserve profiles utilized by stablecoin issuers who require liquidity to fulfill redemption requests. Stablecoins strive to uphold a fixed value—typically pegged to one U.S. dollar—necessitating that issuers hold reserve assets to support this price stability.
Invesco’s filing is also linked to the GENIUS Act, which established a federal framework for payment stablecoins, imposing reserve requirements for issuers. The proposed fund appears to offer stablecoin companies a regulated solution for managing reserve assets, rather than necessitating direct management of short-term Treasury portfolios.
An Invesco representative refrained from commenting on the filing, noting that the firm does not discuss products still in the registration phase. The filing currently does not specify which public blockchain platforms will be utilized for the tokenized fund shares.
Superstate’s Role in Tokenization
The filing identifies Superstate as the sub-transfer agent for the fund. Superstate will oversee the blockchain-integrated shareholder registry, merging traditional fund records with onchain tokens that signify fund ownership.
This role expands upon Invesco’s existing collaboration with Superstate. Earlier in 2026, Invesco assumed management of Superstate’s tokenized Treasury fund, known as USTB, and adopted Superstate’s blockchain-based FundOS platform.
That fund has reportedly accumulated between $900 million and $967 million in assets under management. This partnership has positioned Invesco as one of the pioneering large third-party asset managers to leverage Superstate’s digital transfer agent infrastructure.
Tokenized money market and Treasury funds are rapidly emerging as a focal point for asset managers, enabling the recording, transfer, and settlement of traditional fund shares via blockchain technology. Invesco now joins industry giants like BlackRock, Franklin Templeton, Fidelity, State Street, and ProShares in the development of blockchain-linked cash management solutions.
Competitive Landscape in Digital Dollar Reserves
The stablecoin reserve market is becoming increasingly appealing as the supply of digital dollars continues to grow. As the assets of stablecoin issuers expand, they require reserve managers, custody arrangements, liquidity tools, and compliant investment products.
Citigroup has projected that the stablecoin market could surge to as much as $4 trillion by 2030, up from around $300 billion today. Such growth would significantly enlarge the pool of reserve assets available for traditional fund managers to oversee.
Major firms like BlackRock, State Street, and ProShares have also filed for products focused on stablecoin reserve management. For stablecoin issuers, a fund like Invesco’s could provide daily liquidity, exposure to Treasuries, and a familiar fund structure, all while facilitating blockchain-based ownership records. These advantages may alleviate the necessity for issuers to construct independent reserve management systems.
However, the product introduces blockchain-related operational considerations, including risks associated with smart contracts, networks, and transfer agents. The final structure will depend on SEC approval, the chosen blockchain networks, and the implementation of stablecoin reserve regulations as stipulated by the GENIUS Act.
