Key Highlights

  • Invesco, managing $2.45 trillion in assets, filed with the SEC to launch the Invesco Stablecoin Reserves Onchain Fund, targeting stablecoin issuers as the primary clients.

  • The fund will invest in U.S. Treasuries, repo agreements, and cash equivalents to maintain a $1 NAV, with Superstate acting as sub-transfer agent to tokenize shares on public blockchains.

  • Invesco joins BlackRock, Morgan Stanley, Goldman Sachs, JPMorgan, BNY, and State Street in the race to capture stablecoin reserve assets under the GENIUS Act framework.

Invesco has filed with the Securities and Exchange Commission to launch a new tokenized money market fund aimed at stablecoin issuers seeking GENIUS Act-compliant reserve solutions. The filing asks to add the Invesco Stablecoin Reserves Onchain Fund to the firm's existing Short-Term Investments Trust portfolio structure.

According to the SEC filing, the fund will invest primarily in high-quality, short-term instruments including U.S. Treasuries, repo agreements, and cash equivalents to maintain a stable $1 net asset value. Blockchain infrastructure firm Superstate will serve as sub-transfer agent, tokenizing the fund's shares on designated public blockchains.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, passed last summer, established a federal framework for stablecoins and defined which assets qualify as eligible reserves. Products like Invesco's are designed specifically to meet those criteria, allowing issuers to earn yield on their reserves while maintaining daily liquidity.

Invesco is not moving into this space alone. BlackRock, Morgan Stanley, JPMorgan, BNY, Goldman Sachs, and State Street have all launched similar offerings in recent months, with State Street introducing its own GENIUS-compliant fund just last week. Invesco's fund is expected to become effective approximately 60 days after its June 24 filing date. The firm reported $2.45 trillion in assets under management as of May 31.

This is not the first collaboration between Invesco and Superstate. In March, Invesco assumed day-to-day portfolio management of Superstate's $700 million tokenized U.S. Treasury fund, which was renamed but continues to trade under the USTB ticker with Superstate providing ongoing tokenization support.