Superstate vs Securitize: USTB vs BUIDL, and the Platforms Behind Them
USTB is the Invesco Short Duration US Government Securities Fund on Superstate. BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, whose transfer agent and placement agent are Securitize companies. The first half compares the funds; the second compares the platforms.
Most investors searching this pairing want a tokenized Treasury fund, so the funds come first. The platforms matter second: they keep the register and decide which funds you can reach.
Guide Thesis
USTB is cheaper and open from $100,000; BUIDL is larger, $1.00-priced and built for exchange collateral. Securitize is the broader venue; Superstate the narrower shelf.
Start here
What you actually own
Both tokens are shares of private funds for qualified purchasers, recorded by the platform's transfer agent. The fund manager is a separate, larger firm in each case.
| Token | What you own | Manager / register | Who can buy, minimum | How you get out |
|---|---|---|---|---|
| USTB (Superstate) | A share of a series of a Delaware statutory trust holding Treasury bills | Invesco Advisers / Superstate Services | Qualified purchasers; $100,000 | Same-day USD or immediate USDC, subject to liquidity |
| BUIDL (Securitize) | A share of a BVI company holding cash, Treasury bills and repo at $1.00 | BlackRock Financial Management / Securitize Transfer Agent | Qualified purchasers; $5,000,000 listed | Daily; USDC through Circle's smart contract |
TL;DR
The comparison in two sentences
Between the funds, USTB charges 0.15% from $100,000 and grows its NAV per share, while BUIDL charges 0.20% to 0.50% by network from a listed $5 million, holds $1.00 with monthly dividend tokens, is about three times larger and is accepted as collateral on major crypto exchanges. Between the platforms, Securitize is a listed company with a transfer agent, broker-dealer, ATS, adviser and administrator serving dozens of funds with terms that vary widely, and Superstate is a private transfer agent and four-fund shelf with one eligibility rule and no trading venue.
If you read nothing else: jump to fees and minimums →
At a glance
Side-by-side at a glance
| Feature | USTB on Superstate | BUIDL on Securitize |
|---|---|---|
| Fund manager | Invesco Advisers | BlackRock Financial Management |
| Register | Superstate Services | Securitize Transfer Agent |
| Size | $725.5M (2026-10-22) | About $2.17B (2026-10-23) |
| Fee | 0.15%; 0.10% rebate above $25M | 0.20% to 0.50% by network |
| Minimum | $100,000 | $5,000,000 listed; $250,000 to redeem |
| Price and income | Rising NAV per share; no distributions | $1.00; monthly dividends as new tokens |
| Latest yield | 3.63% 30-day, net (2026-10-22) | 3.69% 30-day APY (2026-10-23) |
| USDC exit | Superstate, immediate subject to liquidity | Circle smart contract, around the clock |
| Networks | Ethereum, Solana, Plume | About ten, led by Solana, Avalanche, Ethereum |
| Platform | Private; transfer agent, adviser, four-fund shelf | NYSE: SECZ; transfer agent, broker-dealer and ATS, adviser, administrator |
Part one: the funds
USTB vs BUIDL
Three factors for the investor choosing a tokenized Treasury fund, with a worked example at BUIDL's listed minimum.
A Delaware trust series holding bills vs a BVI company holding cash, bills and repo
USTB vs BUIDL: What You Own
USTB, now the Invesco Short Duration US Government Securities Fund, is a series of Superstate Asset Trust, a Delaware statutory trust. Invesco Advisers manages it, BNY Mellon is custodian, PwC is named as auditor and Superstate Services keeps the register. It holds US Treasury bills directly and showed $725.5 million on October 22, 2026. BUIDL is the BlackRock USD Institutional Digital Liquidity Fund Ltd., a British Virgin Islands company, managed by BlackRock Financial Management, with BNY as custodian and administrator, PwC as auditor and Securitize as transfer agent. It holds cash, Treasury bills and repurchase agreements and showed about $2.17 billion across 101 on-chain holders on October 23, per rwa.xyz. Both rely on Rule 506(c) and Section 3(c)(7), so both are for qualified purchasers, and neither is a registered investment company.
Practical answer
Two private institutional Treasury funds with Big Four auditors named and the same eligibility bar. BUIDL is about three times larger and is BlackRock's own fund; USTB is Invesco's, on Superstate's rails.
| Decision factor | What changes |
|---|---|
| Vehicle | USTB: series of a Delaware statutory trust. BUIDL: BVI limited company. |
| Manager | USTB: Invesco Advisers. BUIDL: BlackRock Financial Management. |
| Holdings | USTB: Treasury bills. BUIDL: cash, Treasury bills and repo. |
| Size | USTB: $725.5M (2026-10-22). BUIDL: about $2.17B, 101 holders (rwa.xyz, 2026-10-23). |
| Form D | USTB: $5.92B sold to 114 investors (July 2026). BUIDL: $5.14B sold to 28 investors (July 2026). Cumulative subscriptions, not size. |
0.15% from $100,000 vs 0.20% to 0.50% from $5 million
USTB vs BUIDL: Fees and Minimums
USTB charges a 0.15% management fee, with Invesco rebating 0.10% monthly on an investor's average daily holding above $25 million; its minimum is $100,000 unless Superstate waives it. BUIDL's fee depends on the network on which the shares sit: 0.50% on Ethereum, Arbitrum and Optimism and 0.20% on Aptos, Avalanche and Polygon, where the networks' foundations pay BlackRock a quarterly fee, according to the November 2024 multichain launch; AltStreet did not find a published rate for the BNB Chain, Solana or Tempo classes. rwa.xyz lists BUIDL's minimum as $5,000,000 to subscribe and $250,000 to redeem, while every BUIDL Form D states a $100,000 minimum accepted from outside investors.
Practical answer
USTB is cheaper and has the lower practical minimum. BUIDL's fee is worth checking for the specific network and share class you would hold.
| Decision factor | What changes |
|---|---|
| Fee | USTB: 0.15%; 0.10% rebate above $25M. BUIDL: 0.50% (Ethereum, Arbitrum, Optimism) or 0.20% (Aptos, Avalanche, Polygon). |
| Minimum | USTB: $100,000. BUIDL: $5,000,000 listed ($100,000 on its Form D); $250,000 to redeem. |
| Latest yield | USTB: 3.63% 30-day yield, net (2026-10-22). BUIDL: 3.69% 30-day APY, 3.71% seven-day APY (rwa.xyz, 2026-10-23). |
A rising NAV vs a $1.00 token with monthly dividend tokens
USTB vs BUIDL: Income, Redemption and Networks
USTB accumulates income into its NAV per share ($11.2554 on October 22, 2026), so a holder's token count stays fixed. BUIDL holds a $1.00 NAV; dividends accrue daily and are paid monthly as new tokens. USTB redeems the same day in dollars before 1pm ET, and immediately in USDC including on non-business days, subject to available liquidity; its one-transaction Protocol Redeem on Ethereum works within dynamic daily caps on a facility from an affiliated provider whose claims rank ahead of shareholders. BUIDL redeems daily, and since April 2024 Circle's USDC smart contract has let holders exchange BUIDL for USDC around the clock. USTB is on Ethereum, Solana and Plume; BUIDL is on about ten networks, with the most supply on Solana, Avalanche and Ethereum. Both restrict transfers to whitelisted or allowlisted wallets. BUIDL is accepted as trading collateral at Binance, Crypto.com, Deribit and in an OKX and Standard Chartered program; USTB is accepted as collateral on Aave.
Practical answer
Both convert to USDC quickly. BUIDL's stable $1.00 price and wide network and exchange-collateral reach suit trading desks; USTB's accumulating price and DeFi listing suit on-chain treasuries.
| Decision factor | What changes |
|---|---|
| Income | USTB: accrues into NAV per share. BUIDL: $1.00 NAV; monthly dividends paid as new tokens. |
| USDC exit | USTB: immediate, any day, subject to liquidity; Protocol Redeem within caps. BUIDL: Circle smart contract, around the clock. |
| Networks | USTB: Ethereum, Solana, Plume. BUIDL: about ten, including Solana, Avalanche, Ethereum, BNB Chain and Aptos. |
| Collateral use | USTB: Aave. BUIDL: Binance, Crypto.com, Deribit, OKX with Standard Chartered. |
| Tax | Neither fund's public materials state its tax reporting; BUIDL is a non-US company. Ask before investing in a taxable account. |
Worked example
$5 million in each, at the latest published yields
AltStreet arithmetic at BUIDL's listed minimum, holding each fund's latest 30-day figure constant for a year, which it will not be. The figures are measured differently and a day apart; treat the gap as indicative.
| Item | USTB | BUIDL |
|---|---|---|
| Income at the latest yield | About $181,500 a year at 3.63%, added to NAV per share | About $184,500 a year at 3.69%, paid monthly as new tokens |
| Fee inside that yield | 0.15%, about $7,500 | 0.50% on Ethereum (about $25,000) or 0.20% on Aptos, Avalanche or Polygon (about $10,000) |
| Token count after a year | Unchanged; each token worth more | Grows by the dividends; each token $1.00 |
The published yields were within 0.06 points on these dates even though BUIDL's fee is higher on most networks; its portfolio of cash, bills and repo earned slightly more before fees. Above $25 million, USTB's 0.10% rebate widens its fee advantage.
Part two: the platforms
Superstate FundOS vs Securitize
Who manages, who keeps the register, how large each business is, and what that means when you pick a fund.
A transfer agent and fund shelf vs a full regulated stack
FundOS vs Securitize: Who Does What
Superstate's regulated pieces are Superstate Services, an SEC-registered transfer agent since March 2025, and Superstate Advisers, an SEC-registered investment adviser that sub-advises USCC. FundOS is its product for managers: a fund launched as a series of Superstate Asset Trust (or the manager's own vehicle), tokenized, allowlisted and connected to DeFi lending markets. It has no broker-dealer and no trading venue; USTB's placement agent is Invesco Distributors. Securitize Corp., listed on the NYSE as SECZ since July 2, 2026 after a merger with Cantor Equity Partners II, runs Securitize Transfer Agent (SEC-registered), Securitize Markets (a FINRA broker-dealer that operates an alternative trading system and was approved in 2026 to custody tokenized securities), Securitize Capital (SEC-registered adviser since July 22, 2026), Securitize Fund Services (administration for 663 funds and $24.3 billion of assets at June 30, 2026) and an EU investment-firm license from Spain's CNMV.
Practical answer
Securitize can issue, sell, trade, administer and record a fund in-house. Superstate records and tokenizes it and leaves distribution to the manager.
| Decision factor | What changes |
|---|---|
| Transfer agent | Superstate: Superstate Services (084-06972). Securitize: Securitize Transfer Agent (084-06638). |
| Broker-dealer / ATS | Superstate: none. Securitize: Securitize Markets, FINRA member with an ATS. |
| Adviser | Superstate: Superstate Advisers (sub-adviser on USCC). Securitize: Securitize Capital (SEC-registered since 2026-07-22). |
| Other | Superstate: Opening Bell tokenized public equities. Securitize: fund administration, EU license, Securitize Stocks (October 2026). |
A private company with $951 million on its fund pages vs a listed one with $4.3 billion tokenized
FundOS vs Securitize: Scale and Business
Superstate's four fund pages reported a combined $951.2 million on their latest dates (a total that counts USCC's $27.0 million of USTB twice), and Opening Bell showed $58.2 million of tokenized public equity, most of it one issuer. Its transfer agent's 2025 Form TA-2 reported 107 individual accounts. The company is venture-funded, most recently through a Series B that its January 2026 Form D reports as $77.5 million sold. Securitize reported $4.3 billion of tokenized assets at June 30, 2026, about half of it BUIDL on current rwa.xyz figures (more than 60% at September 30, 2025, per its prospectus), and its transfer agent's 2025 Form TA-2 reported 18,337 individual accounts. For the second quarter of 2026 it reported $14.4 million of revenue and a $21.7 million net loss. The merger brought in about $375 million before roughly $60 million of transaction costs.
Practical answer
Securitize is several times larger, public and loss-making, with heavy dependence on one client fund. Superstate is smaller and private, with its own concentration: USTB is three quarters of its fund assets.
| Decision factor | What changes |
|---|---|
| Tokenized assets | Superstate: $951.2M combined on fund pages (overlap noted) plus $58.2M of equities. Securitize: $4.3B (June 30, 2026). |
| Largest product | Superstate: USTB, $725.5M. Securitize: BUIDL, about $2.17B. |
| Accounts (Form TA-2, 2025) | Superstate Services: 107. Securitize Transfer Agent: 18,337. |
| Ownership | Superstate: private, venture-backed. Securitize: NYSE-listed (SECZ) since July 2026; Q2 2026 net loss $21.7M. |
A narrow shelf with one eligibility rule vs a broad venue with terms that vary by fund
FundOS vs Securitize: What It Means for an Investor
On Superstate every fund has the same entry rule, qualified purchasers from $100,000, and every fund page publishes dated assets, NAV, yield, holdings and the share count on each network. On Securitize the terms are set fund by fund: AltStreet's review of eight Securitize vehicles found minimums from $1,000 to $5,000,000, liquidity from daily redemption to none, and governance that ranged from an independent board to a manager that can only remove itself. On both, the token is a record kept by the platform's transfer agent, transfers are limited to approved wallets, and the fund's own documents govern. Superstate's contracts are upgradeable and its admin address can force-burn tokens; Securitize's DS Protocol tokens are likewise controlled by its transfer agent.
Practical answer
Choose the fund, then check the platform. On Superstate the shelf is short and uniform; on Securitize the diligence unit is the individual offering document.
| Decision factor | What changes |
|---|---|
| Funds offered | Superstate: four (USTB, USCC, CUSHY, VBDC). Securitize: dozens, from BUIDL and VBILL to Apollo, Hamilton Lane and KKR vehicles, plus tokenized stocks. |
| Eligibility | Superstate: qualified purchasers on every fund. Securitize: varies; accredited, qualified purchaser or, for some products, broader. |
| Minimums | Superstate: $100,000. Securitize: $1,000 to $5,000,000. |
| Secondary trading | Superstate: allowlisted peer-to-peer transfers; DeFi collateral. Securitize: ATS and whitelisted RFQ trading for some products. |
Final read
Bottom line
For a qualified purchaser choosing a tokenized Treasury fund, USTB is the lower-cost, lower-minimum option and BUIDL the larger one, with a stable $1.00 price, more networks and acceptance as collateral on major exchanges. Both are private funds run by large managers, with registers kept by the tokenization platform, and both convert to USDC quickly; USTB's fastest on-chain route relies on an affiliated lender ranked ahead of shareholders, a point worth raising before relying on it.
As platforms, Securitize is the broader and more vertically integrated venue, listed, loss-making and dependent on BUIDL for about half its tokenized assets, where the fund-by-fund terms carry the risk. Superstate is a short, uniform shelf with no broker-dealer, whose own business depends heavily on USTB. Pick the fund first; then read the platform's controls over the token.
Primary sources
Sources and access
USTB / Superstate
- ›USTB fund page (as displayed October 22, 2026): Assets, NAV, yield, fee and rebate, holdings, networks, service providers, risk factors.
- ›Superstate documentation: USTB: Minimum, redemption timing, allowlist transfers.
- ›USTB Form D filings (CIK 2004367): Rule 506(c), 3(c)(7); $5.92B sold to 114 investors.
BUIDL / Securitize
- ›BUIDL Form D/A (July 2026, CIK 2013810): BVI company; Rule 506(c), 3(c)(7); $5.14B sold to 28 investors; $100,000 minimum stated.
- ›BlackRock launch release (March 20, 2024): Manager, custodian, transfer agent, holdings, dividends as new tokens.
- ›Circle USDC smart contract release (April 11, 2024): Around-the-clock BUIDL to USDC redemption.
- ›rwa.xyz BUIDL page (October 23, 2026): Size, holders, yields, minimums, fee range, supply by network.
- ›Securitize Corp. 8-K (July 8, 2026): Merger closing; transfer agent and placement agreements with BlackRock.
- ›Securitize Q2 2026 results (August 12, 2026): Tokenized assets $4.3B, revenue, net loss, fund administration.
FAQs
Superstate vs Securitize: Common questions
How do Superstate and Securitize differ?＋
Both run SEC-registered transfer agents that keep tokenized share registers, and both host other managers' funds. Securitize is the larger and broader business: a public company (NYSE: SECZ) with a transfer agent, a broker-dealer that runs an alternative trading system, an SEC-registered adviser, a fund administrator and an EU license, reporting $4.3 billion of tokenized assets at June 30, 2026 across funds from BlackRock, Apollo, VanEck, Hamilton Lane, KKR and others. Superstate is a private, venture-backed company with a transfer agent, an adviser and a four-fund shelf (USTB, USCC, CUSHY, VBDC) holding a combined $951.2 million on its pages, plus tokenized public-company shares through Opening Bell; it has no broker-dealer or trading venue.
Which platform offers the funds I want to invest in?＋
Superstate offers four funds, all for qualified purchasers from $100,000: USTB (Treasury bills, Invesco), USCC (crypto basis trade, Bitwise), CUSHY (stablecoin credit, Coinbase Asset Management) and VBDC (listed BDCs, Valinor). Securitize offers many more: BlackRock's BUIDL, VanEck's VBILL, Apollo's ACRED private credit fund, Hamilton Lane's SCOPE and other private-markets funds, KKR and Neuberger Berman vehicles, and since October 2026 tokenized US stocks; minimums run from $1,000 to $5,000,000 and terms vary by fund. For Treasury exposure the comparable pair is USTB and BUIDL.
Who manages the investments, and who maintains the ownership register?＋
On both platforms the fund manager and the register keeper are different companies. USTB is managed by Invesco Advisers; its register is kept by Superstate Services, Superstate's transfer agent. BUIDL is managed by BlackRock Financial Management, with BNY as custodian and administrator; its register is kept by Securitize Transfer Agent, and shares are sold through Securitize Markets. BlackRock can end the transfer agent agreement on written notice, according to the agreement Securitize filed with the SEC.
How does USTB compare with BlackRock BUIDL?＋
Both are private funds for qualified purchasers holding short-term US government exposure. USTB holds Treasury bills directly, charges 0.15%, accepts $100,000, accumulates income in a rising NAV per share and showed $725.5 million on October 22, 2026. BUIDL, a British Virgin Islands company, holds cash, Treasury bills and repo, keeps a $1.00 NAV and pays dividends monthly as new tokens, charges 0.20% to 0.50% depending on the network, has a $5 million minimum in practice (rwa.xyz; its Form D states $100,000) and held about $2.17 billion on October 23. Both redeem into USDC: BUIDL through Circle's smart contract, USTB through Superstate.
Which has lower fees and minimums?＋
USTB, on both. Its management fee is 0.15%, with a 0.10% rebate on holdings above $25 million, against BUIDL's 0.50% on Ethereum, Arbitrum and Optimism and 0.20% on Aptos, Avalanche and Polygon (the lower rate reflects payments from those networks' foundations). USTB's minimum is $100,000; BUIDL's is listed at $5,000,000 to subscribe and $250,000 to redeem.
How do redemption restrictions and supported networks differ?＋
USTB redeems the same day in dollars (1pm ET cutoff) or immediately in USDC subject to available liquidity, and its one-transaction Protocol Redeem works within dynamic daily caps funded by an affiliated lender that ranks ahead of shareholders; it is on Ethereum, Solana and Plume. BUIDL redeems daily, and Circle's USDC smart contract lets holders exchange BUIDL for USDC around the clock, with a $250,000 minimum redemption listed; it is on about ten networks, led by Solana, Avalanche and Ethereum. Both restrict transfers to approved wallets.
What are the alternatives to Securitize and BUIDL?＋
For qualified purchasers: Superstate's USTB, Ondo's OUSG (which itself holds BUIDL among other funds) and VanEck's VBILL on Securitize. For US retail investors, Franklin Templeton's FOBXX (BENJI tokens) is an SEC-registered government money fund from $20.
Related research
Keep comparing tokenized fund platforms
Platform Review
Superstate Review
USTB, USCC and the tokenized fund shelf: Protocol Redeem's affiliated senior lender, admin-controlled tokens and the 2026 manager handovers.
Platform Review
Securitize Review
Eight Securitize vehicles read document by document: the venue is consistent, the wrapper terms are not.
Comparison Guide
Superstate vs Ondo Finance
USTB vs OUSG, a fund of tokenized money funds that holds BUIDL among others.
Comparison Guide
Superstate vs Franklin Benji
USTB vs FOBXX: a private Treasury fund against a registered money fund open to US retail.
Comparison Guide
Securitize vs Ondo
Two tokenization businesses with different wrappers and access rules.
Category Guide
Tokenized Real-World Assets
Category coverage of tokenized funds, Treasuries, equities and credit.