Invesco filed with the Securities and Exchange Commission on June 24 to add the Invesco Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust portfolio. The fund targets stablecoin reserve management, designed for issuers requiring compliant reserves, daily liquidity, and low-risk yield. Invesco, which reported $2.45 trillion in assets under management as of May 31, joins a growing field of major asset managers—including State Street, BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs—competing for cash tied to regulated digital dollar issuance under the federal stablecoin framework. The fund is expected to become effective about 60 days after the June 24 filing and does not yet have a ticker.
Invesco Files for Government Money Market Fund Targeting Stablecoin Reserves
The Invesco Stablecoin Reserves Onchain Fund will be listed as a government money market vehicle under Rule 2a-7, according to the amended SEC filing. The fund will invest primarily in U.S. Treasuries, repo agreements, and cash equivalents, with the objective of maintaining a stable $1 net asset value. The structure is aimed at stablecoin issuers that need compliant reserves meeting liquidity and regulatory expectations created by the federal stablecoin framework, which clarified the types of assets issuers can hold against circulating tokens.
The fund differs from standard institutional cash funds by being built around the specific regulatory use case for stablecoin reserve management. Stablecoin issuers need reserve assets that can be explained clearly to regulators, auditors, banking partners, and institutional counterparties, making the Rule 2a-7 classification a key component of the product design.
Fund Structure Centers on U.S. Treasuries and Tokenized Share Recordkeeping
Superstate will act as sub-transfer agent for the fund's tokenized shares, which are expected to be recorded on designated public blockchains. The filing does not name the specific blockchains, though it discusses Ethereum-related risks. Superstate has historically tokenized shares on Ethereum and Solana in previous products.
The tokenized-share design does not change the fund's underlying money market strategy but alters how ownership records can be maintained and transferred. For stablecoin issuers, this may create a more efficient link between reserve management and blockchain-based settlement infrastructure, as the shares sit closer to their onchain operations while still using traditional short-term instruments.
Superstate Partnership Builds on March Treasury Fund Takeover
The new reserve fund deepens an existing relationship between Invesco and Superstate. In March, Invesco took over day-to-day portfolio management of Superstate's tokenized U.S. Treasury fund, which had about $700 million in assets. That fund was renamed the Invesco Short Duration US Government Securities Fund while continuing to trade under the USTB ticker, with Superstate providing tokenization support.
The partnership applies the same structure to stablecoin infrastructure: Invesco brings scale, portfolio management, and money market experience, while Superstate provides tokenization and blockchain recordkeeping support. The combination addresses the complexity of stablecoin reserve management, where issuers must satisfy regulators, preserve liquidity, manage counterparty risk, and maintain confidence that tokens remain fully backed.
Major Asset Managers Launch Competing Stablecoin Reserve Products
Invesco enters a market that has become increasingly crowded. State Street launched a GENIUS-compliant money market fund last week, following related offerings from BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs. The federal stablecoin framework has turned reserve management into a more defined institutional business, creating a natural extension of the money market fund sector for large asset managers.
Stablecoin reserve funds may become operational infrastructure rather than solely investment products. If stablecoin issuers use these funds to back circulating tokens, fund managers could become embedded in the daily operations of token issuance, redemption, liquidity management, and regulatory reporting. The model reflects a shift in tokenization usage, with newer products designed more directly around stablecoin issuers and the reserve rules they must follow under the federal framework.
FAQ
What did Invesco file with the SEC on June 24?
Invesco filed an amended application with the Securities and Exchange Commission on June 24 to add the Invesco Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust portfolio. The fund is designed for stablecoin reserve management and is expected to become effective about 60 days after the filing date.
How will the Invesco Stablecoin Reserves Onchain Fund invest its assets?
The fund will invest primarily in high-quality, short-term instruments including U.S. Treasuries, repo agreements, and cash equivalents. It will be listed as a government money market vehicle under Rule 2a-7 and aims to maintain a stable $1 net asset value. Superstate will act as sub-transfer agent for the fund's tokenized shares, which are expected to be recorded on designated public blockchains.
What is the relationship between Invesco and Superstate?
In March, Invesco took over day-to-day portfolio management of Superstate's tokenized U.S. Treasury fund, which had about $700 million in assets. That fund was renamed the Invesco Short Duration US Government Securities Fund while continuing to trade under the USTB ticker, with Superstate providing tokenization support. The new stablecoin reserve fund deepens this partnership by applying the same structure to stablecoin infrastructure.
