The race to own the plumbing behind stablecoins now has another Wall Street name. Invesco, which manages roughly $2 trillion in assets, has filed with the US Securities and Exchange Commission to launch a tokenised money-market fund built specifically to hold the reserves that back stablecoins — the latest sign that the most contested prize in digital assets is not the tokens themselves but the Treasury-bill yield sitting behind them.
The filing, lodged on June 25, 2026, would create the Invesco Stablecoin Reserves Onchain Fund, a vehicle that keeps a constant $1 net asset value by investing in cash, short-term US Treasury securities and repurchase agreements (CoinDesk). It is structured as a government money-market fund under the SEC’s Rule 2a-7 and built to satisfy the reserve requirements of the GENIUS Act, the framework that now governs payment stablecoins in the United States. The contrarian read: issuers such as Tether and Circle currently keep that reserve yield for themselves, and asset managers are racing to insert a regulated, fee-earning layer between the issuer and its T-bills.
What Invesco filed
Blockchain infrastructure firm Superstate will act as sub-transfer agent, tokenising fund shares and maintaining the on-chain shareholder registry, with ownership represented by tokens on a public blockchain (The Defiant). The arrangement extends a relationship that began in March 2026, when Invesco took over daily portfolio management of Superstate’s tokenised US Treasury fund, which trades under the USTB ticker and held around $900 million in assets, making Invesco the first independent asset manager to run a fund on Superstate’s FundOS platform (Fortune). The new filing is expected to become effective roughly 60 days after submission, pointing to a late-August 2026 launch window.
A crowded land grab for reserve yield
Invesco is not first, and that is the point. JPMorgan launched a tokenised reserve fund on Ethereum in May, and BlackRock has filed comparable vehicles — moves Industry Spread covered in its reports on JPMorgan and Citi’s tokenised-deposit push and on BlackRock’s BSTBL and BRSRV tokenised funds. The competitive logic is straightforward: the stablecoin market sits at roughly $300 billion today, and Citigroup projects it could reach $4 trillion by 2030. Whoever manages those reserves earns a recurring management fee on one of the fastest-growing pools of short-duration dollars in finance.
For stablecoin issuers, an off-the-shelf, GENIUS Act-compliant reserve fund is a way to outsource the operational and audit burden of holding billions in Treasuries while keeping the product on-chain. For asset managers, it converts the tokenised-Treasury category — already led on volume by names tracked in our coverage of the USDC and USDT stablecoin split under the GENIUS Act — into a business-to-business reserve-management service rather than a retail yield product.
Why it matters
The deeper shift is in recordkeeping. If shares of a regulated money-market fund live on a public chain, the same token can serve as both a yield-bearing asset and collateral that settles 24/7, collapsing the gap between a stablecoin and the reserves behind it. That is the structural change Superstate’s founder has framed as the template for the industry.
“The blueprint for how funds and ETFs will come onchain,” is how Robert Leshner, Co-Founder and Chief Executive of Superstate, described the firm’s model after the March USTB handover (Fortune). Leshner has said the primary demand for Treasury-backed tokenised funds comes from investors already operating in crypto markets, and that tokenisation will become a dominant form of recordkeeping for investment products within the decade.
What happens next
Watch three things into the late-August effective date: which public blockchain Invesco names for the fund, whether any GENIUS Act-licensed issuer signs on as an anchor client, and how Tether and Circle respond to TradFi encroaching on the reserve layer they have historically monetised alone. If the regulated reserve-fund model gains an anchor issuer, expect Fidelity and State Street to file fast — the reserve business is becoming the quiet centre of gravity in tokenised finance, and the asset managers know it.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
