Invesco files to launch tokenized stablecoin reserve fund

Invesco filed an amended registration with the Securities and Exchange Commission on June 24 to add the Invesco Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust. The filing proposes a Rule 2a-7 government money market fund that would maintain a $1 net asset value and tokenize its shares through a sub-transfer agent, Superstate. The filing indicates an expected effective date roughly 60 days after June 24, subject to regulatory review.

The fund would invest primarily in U.S. Treasuries, repurchase agreements and cash equivalents, aiming to preserve principal and provide daily liquidity. Invesco reported $2.45 trillion in assets under management as of May 31.

Superstate is listed as the sub-transfer agent responsible for tokenizing and recording share ownership on designated public blockchains, which are not named in the filing. Tokenization would allow share records to appear on-chain while the underlying portfolio remains a regulated money market vehicle.

The filing includes blockchain-related risk disclosures and specifically notes risks tied to the Ethereum network. It mentions Solana as a platform Superstate has used in the past but does not include Solana in the explicit risk discussion.

Invesco previously assumed day-to-day portfolio management of a Superstate tokenized U.S. Treasury fund in March. That fund now trades as the Invesco Short Duration US Government Securities Fund under the ticker USTB, with Superstate continuing to provide tokenization services.

The filing frames the fund to serve stablecoin issuers seeking regulatory-compliant, short-term reserve holdings that offer yield and liquidity. The fund does not yet have a ticker. Operational details in the filing include Superstate's tokenization role and standard money market controls such as holdings in high-quality government securities and repo contracts.

Last year’s Guiding and Establishing National Innovation for U.S. Stablecoins Act clarified which assets are eligible for stablecoin reserves. The legislation has coincided with several large financial institutions developing money market products aimed at stablecoin reserve uses.