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Invesco, the asset manager with $2.45 trillion under management, has filed with the SEC to launch a money market fund whose shares are recorded as tokens on public blockchains and that is specifically designed to hold the reserves backing payment stablecoins.
The filing for the Invesco Stablecoin Reserves Onchain Fund was submitted under the Short-Term Investments Trust and proposes the fund become effective 60 days after filing, with Superstate Services LLC serving as sub-transfer agent through what the filing calls a blockchain-integrated recordkeeping system.
As covered in our stablecoin treasury report, Invesco's filing makes it the third major asset manager after State Street and Fidelity to file a GENIUS Act-compliant stablecoin reserve money market fund in the same week, confirming that the institutional asset management industry has moved from observing the stablecoin reserve management market to competing aggressively within it.
Key Takeaways
- Invesco filed for the Stablecoin Reserves Onchain Fund, a Rule 2a-7 government money market fund targeting a stable $1.00 NAV that invests exclusively in cash, US Treasuries maturing in 93 days or less, and overnight repurchase agreements collateralized by Treasuries under the GENIUS Act's eligible reserve asset framework.
- Superstate Services LLC, the digital transfer agent founded by Compound creator Robert Leshner, will act as sub-transfer agent, maintaining the official record of share ownership through a blockchain-integrated recordkeeping system with the specific blockchain listed as undetermined in the filing but with Ethereum referenced repeatedly in risk disclosures.
- Invesco's filing is the first major asset manager stablecoin reserve fund to rely on a third-party tokenization and transfer agent infrastructure rather than a proprietary in-house platform, extending an existing partnership between Invesco and Superstate announced earlier in 2026.
What the Invesco Filing Reveals
The Invesco Stablecoin Reserves Onchain Fund is a Rule 2a-7 government money market fund. It does not invest in crypto, stablecoins, or stablecoin issuers. The fund holds the same narrow set of assets that every GENIUS Act-compliant stablecoin reserve fund must hold: cash, US Treasury bills with maturities of 93 days or less, and overnight repurchase agreements collateralized by Treasuries.
The 93-day maturity ceiling is tighter than the standard 397-day limit that Rule 2a-7 otherwise allows. It matches the GENIUS Act's reserve asset rules precisely.
As covered in our Fidelity Reserves Digital Fund SEC filing analysis, Fidelity adopted the same 93-day maturity ceiling in its own filing, confirming that all GENIUS Act-aligned reserve funds are converging on the same investment mandate regardless of issuer.
The defining structural difference in Invesco's filing is what happens to shares after the fund is created. Under the filing, ownership and transfer of shares are authenticated and recorded as tokens on a permissionless public blockchain, with the public ledger and an off-chain register together forming the official shareholder register.
This makes the Invesco fund the first major asset manager stablecoin reserve fund where the on-chain token record is part of the official legal ownership architecture rather than a secondary representation of an off-chain record.
Why Superstate as Sub-Transfer Agent Matters
Superstate Services LLC is the digital transfer agent business founded by Robert Leshner, who also founded the Compound DeFi lending protocol. Superstate already operates USTB, its own SEC-registered tokenized Treasury fund with approximately $200 million in AUM.
The Invesco partnership extends the Superstate infrastructure beyond Superstate's own products into the largest asset manager filing in the GENIUS Act reserve fund category to date.
The commercial significance is the outsourcing decision. JPMorgan launched its own tokenized reserve fund on Ethereum in May 2026 using proprietary in-house platform infrastructure. BlackRock's BUIDL uses Securitize as tokenization infrastructure.
Invesco's decision to use Superstate's third-party blockchain-integrated transfer agent infrastructure rather than building its own reflects a different commercial thesis: that the tokenization and transfer agent layer is a commodity infrastructure service that a specialized third-party provider can deliver more efficiently than any asset manager can build in-house.
As covered in our State Street SSCXX analysis, the stablecoin reserve management market is evolving rapidly, and the choice of tokenization infrastructure partner is becoming a key commercial differentiator between otherwise structurally identical products.
The Crowded GENIUS Act Reserve Fund Race
Invesco's filing enters a race that has attracted at least eight major asset managers in 2026. Every entrant is structurally nearly identical: a Rule 2a-7 government money market fund targeting stable $1.00 NAV, holding the same narrow set of GENIUS-permitted assets.
The differentiation between products comes from three sources: the asset manager's brand and existing institutional relationships, the expense ratio, and the tokenization architecture.
On expense ratio, no fee information appears in Invesco's current filing. Fidelity's Reserves Digital Fund set the competitive pricing benchmark at 0.18%, undercutting the typical 0.20% to 0.35% institutional money market fund fee range.
Invesco will need to price competitively within that range to attract stablecoin issuers who already have relationships with Fidelity, State Street, or BlackRock through existing institutional asset management mandates.
On tokenization architecture, Invesco's Superstate partnership is the most commercially novel element of the filing. A stablecoin issuer using the Invesco fund for reserve management would hold tokenized shares on a public blockchain, creating a native on-chain reserve position that is verifiable in real time rather than requiring monthly attestation reports to confirm reserve composition.
As covered in our GENIUS Act final rules analysis, the July 18 federal final rules deadline is the commercial forcing function behind the simultaneous wave of asset manager reserve fund filings, and the Invesco filing is the most technically differentiated product in that wave.
Conclusion
Invesco's filing for the Stablecoin Reserves Onchain Fund is the most technically differentiated GENIUS Act reserve fund filing from a major asset manager to date.
The combination of $2.45 trillion in AUM institutional credibility, the 93-day maturity GENIUS Act-aligned investment mandate, and Superstate's blockchain-integrated transfer agent infrastructure creating legally official on-chain share records distinguishes it from the State Street and Fidelity filings that preceded it this week.
The specific blockchain remains undetermined in the filing, but Ethereum's repeated appearance in risk disclosures makes it the most likely initial deployment target.
As covered in our Fidelity Reserves Digital Fund launch analysis, the stablecoin reserve management market has now attracted Fidelity, State Street, BlackRock, JPMorgan, and Invesco within the same calendar year, confirming it as a permanent institutional asset management product category rather than an experimental niche.
FAQ:
1. What did Invesco file on June 26, 2026?
Invesco filed for the Stablecoin Reserves Onchain Fund, a Rule 2a-7 government money market fund targeting a stable $1.00 NAV that holds GENIUS Act-eligible reserve assets and records share ownership as tokens on a public blockchain through Superstate Services LLC as sub-transfer agent.
2. What is Superstate and why is it the sub-transfer agent for the Invesco fund?
Superstate Services LLC is the digital transfer agent founded by Compound creator Robert Leshner that already operates the USTB tokenized Treasury fund, and Invesco selected it as sub-transfer agent because its blockchain-integrated recordkeeping system allows share ownership to be authenticated and recorded on a permissionless public blockchain as part of the official legal shareholder register rather than as a secondary representation.
3. What is the difference between the Invesco fund and the Fidelity and State Street stablecoin reserve funds?
The difference between the Invesco fund and the Fidelity and State Street funds is that Invesco uses Superstate's third-party blockchain-integrated transfer agent infrastructure to record shares as legally official tokens on a public blockchain, while Fidelity's Reserves Digital Fund and State Street's SSCXX are traditional Rule 2a-7 funds that plan future blockchain share classes but do not currently use third-party tokenization infrastructure as part of the official shareholder register.
4. What assets does the Invesco Stablecoin Reserves Onchain Fund hold?
The fund holds cash, US Treasury bills with remaining maturities of 93 days or less, and overnight repurchase agreements fully collateralized by US Treasuries, the same narrow set of GENIUS Act-eligible reserve assets that permitted payment stablecoin issuers are allowed to hold, with a 93-day maturity ceiling tighter than the standard 397-day Rule 2a-7 limit.
5. How does the Invesco fund compare to other GENIUS Act reserve funds in the market?
The Invesco fund enters a race of at least eight major asset manager GENIUS Act reserve funds that are structurally nearly identical in investment mandate, with differentiation coming from brand and institutional relationships, expense ratio, and tokenization architecture, with Invesco's Superstate partnership providing the most commercially novel tokenization architecture of any major asset manager filing to date.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
