Invesco Expands Into Tokenized Assets With New Stablecoin Reserve Fund Proposal

Invesco has submitted a filing with the U.S. Securities and Exchange Commission (SEC) to introduce a tokenized money market fund designed to support stablecoin reserve management. The proposed structure focuses on cash, cash equivalents, and short-term U.S. Treasury securities.

Stable Value Structure and Investment Composition

According to the SEC filing, the new product, named the Invesco Stablecoin Reserves Onchain Fund, aims to maintain a stable net asset value of $1. The portfolio would invest in highly liquid instruments, including repurchase agreements and short-term U.S. government securities.

The fund will operate under Invesco’s existing Short Term Investments Trust and is expected to qualify as a Rule 2a-7 government money market fund, aligning it with regulatory standards for highly conservative cash-management vehicles.

Alignment With U.S. Stablecoin Regulations

The filing also notes that the fund is structured to meet requirements under the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which sets the regulatory framework for payment stablecoins in the United States.

Under this framework, stablecoin issuers are required to maintain full one-to-one reserves backed by safe and liquid assets, reinforcing demand for compliant reserve-management products.

Superstate to Provide Blockchain Integration Layer

Superstate will serve as the sub-transfer agent for the fund and will manage a blockchain-based shareholder registry that connects traditional fund records with tokenized ownership.

While the filing did not specify which public blockchain will be used, it confirmed that tokenized shares will be issued on a designated public network, signaling continued institutional experimentation with blockchain-based fund infrastructure.

This initiative builds on an existing collaboration between Invesco and Superstate. Earlier this year, Invesco took over day-to-day portfolio management of Superstate’s tokenized U.S. Treasury fund, which managed approximately $900 million in assets. The product was later rebranded as the Invesco Short Duration U.S. Government Securities Fund, while Superstate continued providing tokenization services through its FundOS platform.

Growing Competition in Stablecoin Reserve Products

Invesco’s filing places it among a growing list of traditional financial institutions developing products tailored for stablecoin reserve needs following the GENIUS Act framework.

State Street launched a dedicated stablecoin reserve money market fund in June, designed to help issuers meet regulatory reserve requirements.

ProShares introduced the GENIUS Money Market ETF (IQMM), focused on short-term U.S. Treasury exposure for compliant reserve management.

Major firms including BlackRock, Franklin Templeton, Fidelity, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have also entered the space through tokenized funds or related infrastructure initiatives.

Expanding Market Outlook for Stablecoin Infrastructure

Citigroup estimates that the stablecoin market could expand from roughly $300 billion today to as much as $4 trillion by 2030. According to the bank, this growth could create substantial demand for institutions managing the cash and Treasury assets backing dollar-denominated stablecoins.

Analytical Perspective

From a broader perspective, Invesco’s move reflects a clear convergence between traditional asset management and blockchain-based financial infrastructure. Rather than treating tokenization as a niche innovation, major institutions are now positioning it as a functional layer for liquidity, settlement, and reserve management. If stablecoin adoption continues along the projected growth path, products like tokenized money market funds could become a core pillar of the digital dollar ecosystem, effectively bridging regulated TradFi instruments with on-chain financial systems.