Invesco takes over Superstate's $900 million T-bill fund as Wall Street accelerates tokenization push

The giant asset manager Invesco revealed on Tuesday that it will run a crypto investment vehicle known as the Superstate Short Duration US Government Securities Fund (USTB), which holds over $900 million in assets under management. Like BlackRock with its flagship BUIDL fund, Invesco is betting on an emerging category of assets known as “real world assets” or RWAs, which consist of traditional investments packaged in blockchain wrappers.

While BlackRock’s BUIDL, the biggest of the RWA funds, is technically a money market fund that holds both Treasury Bills and repos, Invesco’s USTB, which is the fourth largest RWA fund, holds only T-bills. Another big player in the space is Paxos, which offers a fund backed primarily by physical gold.