Invesco, the asset management firm with over $2.5 trillion in assets under management, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized product specifically designed for the stablecoin reserve sector. The Invesco Stablecoin Reserves Onchain Fund intends to manage the liquid assets that back digital currencies pegged to the dollar, according to reports and infrastructure providers involved in the filing.
The fund plans to invest primarily in cash, short-term U.S. Treasury securities, and repurchase agreements. By maintaining a target net asset value (NAV) of $1, the product aims to provide a compliant vehicle for stablecoin issuers to hold their mandatory reserves. The strategy positions Invesco as a specialized reserve manager rather than a stablecoin issuer, focusing on the “plumbing” of the digital asset market.
Superstate joins as infrastructure partner
The filing identifies Superstate, an asset management firm specializing in tokenized financial products, as the sub-transfer agent for the fund. In that role, Superstate will manage blockchain-integrated recordkeeping for the fund’s shares. On June 26, Superstate confirmed its involvement, noting that it will handle the distributed ledger technology (DLT) registry system for shareholder records.
This development follows a previous collaboration between the two firms. Earlier this year, Invesco took over the management of Superstate’s tokenized money market fund, a move that integrated the $900 million product into Invesco’s broader institutional framework. The new Stablecoin Reserves Onchain Fund represents a direct expansion of that partnership into the specialized stablecoin backing market.
Market and regulatory alignment
The fund’s investment structure appears aligned with emerging regulatory standards in the United States, specifically revolving around the requirement for “payment stablecoins” to be backed by highly liquid, low-risk assets. Analysts noted that the fund’s asset composition reflects requirements proposed in recent legislative frameworks, such as the GENIUS Act, which emphasizes transparency and safety in stablecoin reserves.
Invesco’s entry into this segment places it in competition with other major institutional players, such as BlackRock and Franklin Templeton, which have also launched tokenized Treasury products. However, Invesco’s explicit targeting of the “reserve management” function highlights a strategic shift toward providing institutional-grade infrastructure for the estimated $160 billion stablecoin market.
The move comes at a time of increased activity in the Real World Asset (RWA) space. Other firms have also expanded their on-chain offerings; for instance, Bitwise recently launched a tokenized carry fund that integrates with DeFi collateral markets. Additionally, institutional infrastructure provider Securitize recently moved toward a public listing, signaling broader corporate maturity in the tokenization sector.
The exact launch date and blockchain network for the Invesco Stablecoin Reserves Onchain Fund remain subject to SEC approval and the finalization of the registration process.