Invesco, one of the largest investment managers on the planet, just filed with the SEC to create a fund purpose-built to sit behind stablecoins. The Invesco Stablecoin Reserves Onchain Fund would invest in cash and short-term US Treasuries, maintain a $1.00 net asset value, and record its shares on public blockchains.
What Invesco is actually building
The filing, a post-effective amendment on Form N-1A submitted on June 24, is designed to slot the new fund into Invesco’s existing Short-Term Investments Trust as a new series. The fund is expected to become effective 60 days after submission.
The portfolio will consist of high-quality, short-term US assets, primarily Treasuries and cash equivalents. The target is a stable $1.00 NAV, which is exactly what you’d want if your fund’s entire purpose is to serve as the reserve backing for a payment stablecoin.
Shares of the fund will be tokenized and recorded on designated public blockchains. Superstate, which has an existing relationship with Invesco, will serve as the sub-transfer agent handling the tokenization process. Invesco and Superstate previously partnered on the USTB fund, which has accumulated roughly $900 million to $967 million in assets under management.
