Invesco Targets Stablecoin Reserve Market with New Tokenized Fund Filing

Key Points

Table of Contents

The $2.5 trillion asset manager Invesco submitted an SEC filing for the Invesco Stablecoin Reserves Onchain Fund
Fund assets will include U.S. Treasuries, cash, and repo agreements meeting GENIUS Act standards
Superstate has been designated as sub-transfer agent to handle blockchain tokenization of fund shares
Major financial institutions including BlackRock, State Street, JPMorgan, Goldman Sachs, and Morgan Stanley have introduced competing offerings
Analysts at Citigroup estimate the stablecoin sector could expand to $4 trillion within six years

Invesco, which manages approximately $2.5 trillion in assets, has submitted regulatory paperwork to the U.S. Securities and Exchange Commission for a blockchain-based money market fund targeting the stablecoin reserve sector.

LATEST: ⚡ $2.45T asset manager Invesco has filed to launch a GENIUS Act-compliant money market fund designed for stablecoin issuers to hold yield-bearing, liquid reserves on public blockchains. pic.twitter.com/OHy0iR45DM
— CoinMarketCap (@CoinMarketCap) June 26, 2026

The proposed vehicle, named the Invesco Stablecoin Reserves Onchain Fund, will allocate capital to cash equivalents, U.S. government debt securities with short maturities, and repurchase agreements while maintaining a steady $1 net asset value per share.

The registration documents were filed on June 24, 2026, with effectiveness anticipated roughly 60 days following submission.

Fund Strategy and Regulatory Alignment

The investment vehicle targets stablecoin issuers as its primary client base. These digital currency providers require secure, highly liquid reserve holdings to back their dollar-pegged tokens.

The GENIUS Act — federal legislation enacted last summer establishing regulatory parameters for payment stablecoins — mandates that issuers maintain approved asset types as backing. Invesco’s proposed fund is structured specifically to satisfy these regulatory mandates.

The offering will be classified as a government money market fund under SEC Rule 2a-7, mirroring the regulatory approach taken by State Street’s recently introduced stablecoin reserve product.

Invesco plans to integrate the fund into its existing Short-Term Investments Trust, a Delaware statutory trust framework currently hosting other money market investment vehicles.

Blockchain Technology and Superstate Partnership

Superstate, a blockchain technology provider, will serve as the fund’s sub-transfer agent. The firm will handle the tokenization process for fund shares and oversee a blockchain-connected shareholder record-keeping system.

According to the regulatory filing, fund operations will utilize a public blockchain network, though the specific platform remains unnamed. Superstate’s previous tokenization work has primarily utilized Ethereum and Solana networks. The SEC documentation addresses potential risks associated with Ethereum but does not explicitly reference Solana.

This collaboration builds on an existing relationship between the two organizations. In March 2026, Invesco assumed investment management responsibilities for Superstate’s tokenized U.S. Treasury fund valued at $700 million, which operates under the USTB ticker symbol. That arrangement positioned Invesco as the initial external asset manager leveraging Superstate’s blockchain-powered FundOS infrastructure.

Intense Competition in Expanding Market Segment

Invesco’s entry comes amid intensifying competition in this emerging sector. State Street introduced a comparable GENIUS-compliant fund just last week. Financial giants including BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have all rolled out similar products within the past several months.

The overall stablecoin market currently represents approximately $300 billion in value. Citigroup analysts forecast potential growth to $4 trillion by the end of the decade, positioning stablecoin reserve services as a substantial revenue opportunity for institutional asset managers.

Invesco now stands alongside BlackRock, Franklin Templeton, and Fidelity among prominent traditional financial institutions that have entered the tokenized money market fund space.

An Invesco representative declined to provide comment regarding products currently undergoing regulatory registration.