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Invesco has filed with the SEC to launch a tokenized money market fund aimed at the stablecoin reserve market, adding to its work in blockchain-based fund infrastructure.
The filing brings the $2.45 trillion asset manager into a growing group of Wall Street firms seeking to manage the cash and Treasury assets that back regulated payment stablecoins.
Fund Would Use Rule 2a-7 Structure
The proposed product is called the Invesco Stablecoin Reserves On-chain Fund. It would be added to Invesco’s Short-Term Investments Trust, a registered open-end fund structure. The filing was submitted on June 24 and is due to become effective 60 days after filing unless the SEC intervenes.
The fund’s ticker, management fee and supported blockchain have not yet been finalized. Invesco said the fund will be managed under Rule 2a-7 as a government money market fund. It will seek to maintain a $1 share price by using amortized cost accounting and rounding the share value to the nearest cent.
Stablecoin Issuers Are Target Investors
The fund is built for payment stablecoin issuers that need reserve assets allowed under the GENIUS Act.
Those assets include cash, U.S. Treasury bills, notes and bonds with maturities of 93 days or less, and overnight repurchase agreements backed by Treasuries or cash. The filing says the fund will not invest in stablecoins or in stablecoin issuers.
Product is Not a Crypto Fund
The proposed fund is a traditional money market vehicle with tokenized shares and blockchain-based recordkeeping. That distinction matters because the product is aimed at reserve management, not crypto price exposure.
Invesco is targeting stablecoin issuers that need liquid dollar assets, short-term Treasury exposure and blockchain-compatible ownership records.
Superstate Will Track Tokenized Shares
Superstate Services LLC is listed as the fund’s sub-transfer agent, subject to oversight by Invesco Investment Services.
Superstate will maintain a blockchain-integrated recordkeeping system that combines off-chain book-entry records with digital representations of fund shares on one or more public blockchains.
The filing says fund shares may be bought and redeemed through Superstate’s investor portal. Investors must have wallet addresses registered and verified by Superstate before they can hold shares.
Allowlist Controls Will Govern Transfers
Transfers will run through an allowlist system. That gives Superstate the ability to reject or suspend transfers under the fund’s controls.
The setup is designed to keep tokenized ownership records compatible with investor eligibility, transfer restrictions and fund compliance requirements.
Asset Managers Target Stablecoin Reserves
The filing comes as asset managers compete for reserve management business tied to U.S. stablecoin rules. For Invesco, the product would expand its work with Superstate after taking over management of Superstate’s tokenized Treasury fund earlier this year.
If the filing becomes effective, Invesco would have a tokenized fund aimed at stablecoin issuers that need compliant, short-term dollar assets and blockchain-compatible ownership records.
