CoinDesk
Invesco, the $2.5 trillion asset manager, filed with the SEC on Wednesday to register the Invesco Stablecoin Reserves Onchain Fund, a tokenized vehicle that will hold cash and short-term U.S. Treasuries to back payment stablecoins. The portfolio aligns with reserve requirements under the GENIUS Act, the U.S. law governing dollar-pegged tokens, and the fund will operate on a public blockchain with tokenization firm Superstate serving as sub-transfer agent.
The filing deepens Invesco's tokenization push. Earlier this year, the firm took over management of Superstate's roughly $900 million tokenized Treasury fund, becoming the first third-party asset manager to use Superstate's FundOS platform. Invesco now sits alongside BlackRock, Franklin Templeton and Fidelity as a major asset manager running tokenized money-market products on blockchain rails.
Why it matters
The filing is the clearest signal yet that traditional asset managers view stablecoin reserve management as a structural growth market rather than a crypto-native experiment. Citigroup projects the stablecoin market could reach $4 trillion by 2030, up from roughly $300 billion today, and every dollar of stablecoin in circulation needs a reserve manager. Invesco's fund is built specifically to win that mandate, with a portfolio composition that mirrors the GENIUS Act's permitted reserve assets.
Superstate's role as sub-transfer agent adds a second layer of significance: the fund will combine traditional share registers with on-chain tokens representing ownership. That structure is what regulators want to see, and what institutional allocators have been waiting for, before treating tokenized funds as operationally equivalent to their off-chain counterparts.
Market impact
Invesco enters a queue that already includes BlackRock, State Street and ProShares, each with their own stablecoin reserve fund filings pending. The competition points to fee compression at the reserve-management layer, but also to a much larger total addressable market as stablecoin issuers scale.
Frequently asked questions
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What did Invesco file with the SEC?
Invesco filed to register the Invesco Stablecoin Reserves Onchain Fund, a tokenized vehicle that will invest in cash and short-term U.S. Treasuries to back payment stablecoins, with a portfolio aligned to the GENIUS Act.
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How large is the stablecoin reserve market opportunity?
Citigroup projects the stablecoin market could expand to as much as $4 trillion by 2030, up from roughly $300 billion today, with every dollar in circulation requiring a managed reserve.
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What role does Superstate play in the Invesco fund?
Superstate is named as sub-transfer agent and will maintain a blockchain-integrated shareholder registry, combining traditional fund records with on-chain tokens representing ownership.
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Which other asset managers are competing in stablecoin reserve funds?
BlackRock, State Street and ProShares have also filed to launch funds aimed at serving as stablecoin reserve vehicles, reflecting intensifying competition for the infrastructure behind digital dollars.
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How does this connect to Invesco's earlier tokenization work?
Earlier this year Invesco took over management of Superstate's roughly $900 million tokenized Treasury fund, becoming the first third-party asset manager to use Superstate's FundOS blockchain platform.
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