Invesco Short Duration US Government Securities Fund

USTB is a tokenized short-duration US government securities fund operated by Superstate, with Invesco named on the fund. It gives eligible investors on-chain exposure to short-dated US Treasury and US Agency securities, targeting a return close to the federal funds rate, with a stated management fee of 0.15 percent.

The structure is a private fund rather than a stablecoin. Shares are recorded on Ethereum through an allowlist contract, which means only approved addresses can hold or receive the token. That allowlist is how the fund satisfies transfer restrictions that apply to a security while still allowing on-chain settlement.

How it works

Accepted US qualified purchasers subscribe and redeem using USDC at a daily net asset value calculated by an independent administrator, NAV Consulting. Because the fund accrues interest from its Treasury holdings, the token's value rises over time rather than sitting at a fixed dollar price. Current data shows a price in the region of eleven dollars per token, reflecting accrual since launch rather than a peg.

Custody is flexible by design. Investors can self-custody USTB in an address of their choosing, whether an externally owned account, a multisignature wallet, or an MPC setup, or use a qualified custodian such as Anchorage Digital Bank. The fund has also stated that peer-to-peer transfers between allowlisted parties may become possible, subject to applicable restrictions.

Context

USTB belongs to the tokenized Treasury category, one of the faster growing segments of real-world asset tokenization. These products are used mainly by institutions and on-chain treasuries looking to hold yield-bearing dollar exposure without leaving blockchain settlement. Eligibility rules are the main practical constraint: they are not open to general retail buyers in the way a stablecoin is.