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Superstate
Active AUM
$505.1mKey Metrics
Onchain AUM$609.26m
Change (24h)-4.77%
Active / Onchain82.9%
DeFi Active TVL$100.05m
Change (24h)-11.18%
Utilization19.8%
Largest ProtocolAave Horizon RWA$53.67m
Net Flows 30dN/A
Net Flows 7dN/A
Live Assets3
Issuers3
Est. Annual Revenue$758,492
ConfidenceIssuer-Disclosed
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| T-Bills | $405.65m | $503.96m | -18.50% | $44.85m | 11.06% | -18.63% | $11.26 | |||
| Mixed RWA Fund | $99.45m | $105.3m | -9.27% | $55.2m | 55.51% | -14.29% | $11.80 | |||
| Stock Backed | $0 | |||||||||
About Superstate
Superstate is a blockchain-based platform providing infrastructure for tokenization and on-chain financial services. It enables users to access and trade diverse digital assets through decentralized protocols.
Entity
Legal entitySuperstate Trust – Superstate USTB Money Market Fund
HeadquartersNew York, USA
Founded2023
Primary chainEthereum
Entity structure
Superstate Inc. is the parent with Superstate Advisers LLC as RIA and Superstate Services LLC as SEC registered transfer agent. Funds are Delaware Statutory Trust series held as tokens on Ethereum, Solana, and Plume or in book entry form. Superstate has shifted toward FundOS infrastructure, delegating USTB to Invesco and USCC to Bitwise.
Registry
Superstate, Inc. (Delaware C-corp; SEC-registered investment adviser). Founded 2023 by Robert Leshner (Compound founder), Reeve Collins, Jim Hiltner. Issues USTB (Short-Duration US Government Securities Fund) and USCC (Crypto Carry Fund, basis-trade) — both registered 1940-Act-equivalent feeders distributed onchain. $250M+ combined AUM.
Regulation
Superstate Advisers LLC is a registered investment adviser and Superstate Services LLC is an SEC registered transfer agent. The funds are private Delaware Statutory Trust series offered under Reg D to accredited investors and qualified purchasers. As of 2026 Invesco Advisers manages USTB and Bitwise manages USCC, with Superstate as sub advisor and transfer agent for both.
Compliance
Of 3 assets
Attested3 of 3
KYC to mint or redeem2 of 2
Allowlisted to hold2 of 2
Transferable3 of 3
Self custody3 of 3
Redeemable3 of 3
Attestation frequencyDaily / Weekly
Last attestationDaily NAV (USTB) + Weekly (USCC)
Fees & revenue
Revenue modelManagement Fee
ConfidenceIssuer-Disclosed
Est. Annual Revenue$758,492
Holder Total Fee15 bps
Asset Manager Take15 bps
Tokenization Platform Take0 bps
Performance Fee0%
Mint Fee0 bps
Redemption Fee0 bps
Underlying Fund Expense15 bps
Float IncomeNo
Fees Last Verified2026-07-09
USTB charges up to 15 bps with a 10 bps monthly rebate on average daily holdings above 25 million dollars, with no performance fee. USCC charges 75 bps. After the Invesco and Bitwise transitions headline fees accrue to the external managers with Superstate earning undisclosed infrastructure and transfer agency fees via FundOS.
Milestones
- 2026-06Bitwise takeover of USCC completed as the Bitwise Crypto Carry Fund
- 2026-03Invesco announced as investment manager of USTB
- 2025-05Opening Bell launched bringing SEC registered public equities onchain
- 2024-07USCC launched
- 2024-02USTB launched
- 2023-06first SEC filing and seed round