CoinDesk
Bitwise will assume management of Superstate's $267 million Crypto Carry Fund, ticker USCC, on June 1, marking the crypto asset manager's first move into tokenized investment products. The vehicle will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate's blockchain rails, leaving token issuance and transfer services with Superstate as Bitwise takes over the investment mandate.
USCC runs a cash-and-carry strategy that captures the spread between spot crypto prices and typically richer futures, with more than $100 million of fund collateral actively deployed across DeFi protocols including Aave and Kamino. Bitwise oversees roughly $11 billion in crypto assets across its ETF and private fund lineup, and the USCC handoff slots a tokenized vehicle into a stack already anchored by spot ETFs.
Why it matters
The deal formalises a split in the tokenized-fund race: Superstate steps back from running its own products to focus on FundOS, its infrastructure platform for tokenized investment products, while handing the live fund to a manager with an existing institutional distribution footprint. Invesco, the $2.2 trillion asset manager, already took over Superstate's onchain Treasury-yield money-market fund last month — a pattern that turns Superstate into a B2B tokenization rail rather than a competing asset manager.
The wider context is the rapid scaling of tokenized real-world assets, which RWA.xyz puts above $30 billion globally, with tokenized U.S. Treasury products alone accounting for more than $15 billion. BlackRock, Franklin Templeton and Fidelity have all launched tokenized Treasury and money-market products, and the USCC handoff extends the tokenized wrapper from cash-like vehicles into a crypto-native yield strategy that already routes collateral through DeFi.
Market impact
Bitwise CEO Hunter Horsley framed the move as evidence that capital markets are moving onchain, with both TradFi and crypto-native institutions leaning into tokenized fund structures.
Frequently asked questions
-
What is the Bitwise Crypto Carry Fund taking over from Superstate?
Bitwise will assume management of Superstate's Crypto Carry Fund, ticker USCC, on June 1. The $267M vehicle runs a crypto cash-and-carry strategy and will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate's blockchain infrastructure.
-
How does the USCC cash-and-carry strategy generate returns?
USCC captures the spread between spot crypto prices and futures contracts, which typically trade at a premium in bullish markets. More than $100M of the fund's collateral is actively deployed across DeFi protocols including Aave and Kamino.
-
Why is Superstate handing off USCC to Bitwise?
Superstate is stepping back from running its own funds to focus on FundOS, its B2B infrastructure platform for tokenized investment products. Invesco already took over Superstate's onchain Treasury money-market fund last month, signalling Superstate's pivot to a tokenization-rail provider.
-
How large is the tokenized real-world asset market now?
RWA.xyz puts tokenized real-world assets above $30B globally, with tokenized U.S. Treasury products accounting for more than $15B of that total. BlackRock, Franklin Templeton and Fidelity have all launched tokenized Treasury and money-market products.
-
What changes for existing USCC investors after the handoff?
Mechanics stay the same: existing investors keep the USCC ticker, token contracts and blockchain address. Superstate continues to handle token issuance and transfer services, while Bitwise takes over the investment management mandate.
Crypto Rank News
WuBlockchain
TheBlock