Invesco, with $2.45 trillion in assets under management as of May 31, filed a registration statement with the SEC on June 24, 2026, to launch the Invesco Stablecoin Reserves Onchain Fund, a tokenized government money-market fund structured to hold the short-term assets stablecoin issuers must keep in reserve under U.S. law.
The fund registers under Rule 2a-7, targets a stable $1 net asset value per share, and will invest in U.S. Treasuries, repurchase agreements, and cash equivalents. Fund shares are tokenized and recorded on designated public blockchains; the filing did not name specific networks. Superstate will act as sub-transfer agent, maintaining a blockchain-integrated shareholder registry alongside traditional off-chain records. The registration is expected to become effective approximately 60 days after filing, around late August 2026.
The move puts Invesco alongside BlackRock, State Street, and ProShares, each of which has filed to launch a fund targeting the stablecoin reserve market. The GENIUS Act, the U.S. payment stablecoin law, defines which assets issuers may hold as reserves, creating the product slot these managers are competing to fill. Citigroup estimates the stablecoin market could reach $4 trillion by 2030, up from roughly $300 billion today.
Invesco entered on-chain fund management in March 2026, when it assumed portfolio management of Superstate's USTB tokenized Treasury fund, then holding approximately $700 million. The new fund is a separate vehicle; the prospectus states it will not invest in stablecoins or stablecoin issuers directly.
