Invesco, the asset manager with $2.45 trillion under management, filed with the U.S. Securities and Exchange Commission to launch a money market fund whose shares are recorded as tokens on public blockchains and that is designed to hold the reserves to back stablecoins.
The filing for the Invesco Stablecoin Reserves Onchain Fund was submitted Wednesday under the Short-Term Investments Trust and proposes the fund become effective 60 days after filing.
Superstate Services LLC, the digital transfer agent founded by Compound creator Robert Leshner, will act as sub-transfer agent, maintaining the official record of share ownership through what the filing calls a "blockchain-integrated recordkeeping system." The specific blockchain is listed as undetermined in the filing, though the document repeatedly references Ethereum in its risk disclosures.
The fund is a Rule 2a-7 government money market fund seeking a stable $1.00 share price. It does not invest in crypto. Per the filing, it holds cash, U.S. Treasury bills, notes and bonds with a remaining maturity of 93 days or less, and overnight repurchase agreements collateralized by Treasuries — the narrow set of eligible reserve assets that payment stablecoin issuers are permitted to hold under the GENIUS Act, the federal stablecoin law signed in July 2025.
