USTB, now formally the Invesco Short Duration US Government Securities Fund, is a tokenised fund giving accredited and qualified investors on-chain exposure to short-duration US Treasury bills, aimed at delivering current income with minimal duration risk.
What USTB does
The fund was originally built and managed by Superstate, one of the earlier entrants in the tokenised Treasury space, and issued as USTB tokens across Ethereum, Solana and Plume. In 2026, Invesco — a major traditional asset manager — took over as investment manager following an agreement with Superstate, with the transition designed to preserve the same USTB ticker, the same smart contracts and the same token addresses, so holders shouldn't need to do anything to keep their exposure.
Return comes through a continuously rising net asset value per token rather than periodic distributions, and purchases and redemptions run through USD or USDC on market days. With assets under management approaching $1 billion, USTB is one of the largest products in the tokenised Treasury category, competing directly with BlackRock's BUIDL and Franklin Templeton's BENJI for institutional on-chain Treasury demand.
Risks
The Invesco handover is a management change, not a token upgrade — the underlying smart contracts and custody arrangements carry forward, which means any latent technical risk in Superstate's original build travels with the fund rather than being reset. Investors should confirm exactly what changes, such as fees, redemption terms and jurisdictional access, and what doesn't, before assuming continuity is total.
As with all tokenised Treasury products, USTB's yield tracks prevailing short-term rates, so a Federal Reserve cutting cycle directly compresses the return that's the entire reason to hold it. Access remains gated to accredited investors and qualified purchasers rather than the general public, and — as with any Treasury exposure — a US sovereign default or debt-ceiling standoff would be a direct hit, tokenisation notwithstanding.