Crypto-friendly asset manager Invesco is looking to launch a new money market fund focused on stablecoin reserves, according to a recently amended filing submitted to the Securities and Exchange Commission.
In particular, Invesco has asked to add the so-called Invesco Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust portfolio, a long-standing Invesco Delaware statutory trust structure that houses other money market-style funds.
The firm last calculated its assets under management at $2.45 trillion in a May 31 report.
This new fund, which doesn’t yet have a ticker, will invest primarily in high-quality, short-term assets such as U.S. Treasuries, repo agreements, and cash equivalents to maintain a stable $1 net asset value. It will also tap blockchain infrastructure firm Superstate as its sub-transfer agent to tokenize its shares to be recorded on "designated" unnamed public blockchains.
This structure, like a litany of similar products from Wall Street institutions looking to break into the stablecoin sector, is designed for stablecoin issuers to hold compliant reserves while earning yield and maintaining daily liquidity.
