Invesco has filed with the U.S. Securities and Exchange Commission to launch a tokenized money market fund that will invest in cash and short term U.S. Treasury securities for stablecoin reserve management.
Summary
- Invesco has filed to launch a tokenized money market fund designed for stablecoin reserve assets under the GENIUS Act.
- Superstate will provide blockchain based tokenization support and maintain the fund’s on chain shareholder registry.
- Invesco has joined BlackRock, State Street, ProShares and other asset managers competing to manage stablecoin reserves.
The U.S. Securities and Exchange Commission filing showed that Invesco plans to introduce the Invesco Stablecoin Reserves Onchain Fund, a portfolio that will invest in cash, cash equivalents, repurchase agreements, and short-term U.S. Treasury securities while maintaining a stable $1 net asset value. The proposed fund will operate within Invesco’s existing Short Term Investments Trust and will qualify as a Rule 2a-7 government money market fund.
The filing stated that the reserve portfolio is designed to satisfy asset eligibility requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which governs payment stablecoins in the United States. Stablecoin issuers must maintain one-to-one reserves in safe and liquid assets under the framework.
Superstate will act as the fund’s sub-transfer agent and maintain a blockchain-integrated shareholder registry that links conventional fund records with on-chain ownership tokens. The filing did not identify the public blockchain that will support the product, although it confirmed that tokenized shares will be issued on a designated public network.
The registration builds on an existing partnership between Invesco and Superstate. Earlier this year, Invesco assumed day to day portfolio management of Superstate’s tokenized U.S. Treasury fund, which managed roughly $900 million in assets. The product was renamed the Invesco Short Duration US Government Securities Fund while Superstate continued providing tokenization services through its FundOS platform.
Asset managers expand stablecoin reserve offerings
The filing adds Invesco to a growing group of traditional financial firms introducing products tailored for stablecoin reserve management after the GENIUS Act established a federal framework for reserve assets.
State Street launched the State Street Stablecoin Reserves Money Market Fund in June as a Rule 2a-7 government money market fund backed by State Street Bank and Trust Company and Anchorage Digital. The company said the product was created specifically to help stablecoin issuers satisfy reserve requirements under the GENIUS Act.
ProShares also entered the market earlier this year with its ProShares GENIUS Money Market ETF, trading under the ticker IQMM. The company said the ETF invests exclusively in short term U.S. Treasury securities and other government backed instruments to provide a compliant reserve management option for stablecoin issuers.
Among other players, BlackRock, Franklin Templeton, Fidelity, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have also introduced or filed products tied to tokenized money market funds or stablecoin reserve infrastructure as competition expands across the sector.
Citigroup has projected that the stablecoin market could grow from about $300 billion today to as much as $4 trillion by 2030. The bank said the expansion could create a significant market for firms that manage the cash and Treasury assets backing dollar denominated stablecoins.
