--- title: "Superstate Review 2026: USTB, USCC and the Tokenized Fund Shelf Behind Them" url: https://altstreet.investments/platforms/reviews/superstate kind: platform-review updated: 2026-10-23 description: "Superstate review 2026: USTB (now Invesco) and USCC (now Bitwise) on Superstate's tokenized fund shelf, for qualified purchasers from $100,000, with dated holdings disclosure, an affiliated senior lender behind instant USTB redemptions and admin-controlled tokens." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Superstate Review 2026: USTB, USCC and the Tokenized Fund Shelf Behind Them Superstate runs a shelf of tokenized private funds and the SEC-registered transfer agent that keeps their registers. Qualified purchasers can buy four funds through it, each from $100,000: USTB (Treasury bills; Invesco; 0.15%; same-day redemption), USCC (crypto basis trade; Bitwise; 0.75%; daily), CUSHY (stablecoin credit; Coinbase Asset Management; 0.75% plus a 10% performance fee; quarterly redemptions) and VBDC (listed BDCs; Valinor; 1.25%; daily, gated). Superstate no longer manages its flagship funds: it issues and records their shares as tokens and controls the token contracts. AltStreet score: 59.9 (B), scored October 23, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Superstate | | What it is | Tokenized Fund and Securities Infrastructure: Private Fund Shelf, SEC-Registered Transfer Agent and On-Chain Public Equities | | Asset class | Tokenized private funds (Treasury bills, crypto basis trade, stablecoin credit, listed BDCs) and tokenized public-company shares | | Website | superstate.com | | Review first published | October 23, 2026 | | Last updated | October 23, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version What an investor buys here is a share of a private fund, recorded as a token. Each fund's page names its manager, custodian and auditor; Superstate supplies the shelf (USTB, USCC and VBDC are series of its Delaware statutory trust), the transfer agent that keeps every register, and the token contracts. Every fund is limited to qualified purchasers, with a $100,000 minimum. Four findings matter most. First, USTB's one-transaction USDC redemption ('Protocol Redeem') works only when an affiliated liquidity facility can fund it, within daily caps; its advances can carry interest paid by the fund, and its claims rank senior to shareholders if the fund defaults or becomes insolvent. Second, the contracts are upgradeable, and Superstate's admin address can mint, change the allowlist and force-burn a holder's tokens. Third, USCC's last Form D amendment (July 2025) still names Superstate Advisers as investment manager, although Bitwise took over on June 1, 2026. Fourth, the flagship funds report smaller sizes than Superstate described earlier in 2026 (USTB '$1B+' in April, $725.5 million on October 22), on figures from different sources and bases that no one has reconciled publicly. - **$951.2M** Combined AUM reported on the four fund pages, on different dates: USTB $725.5M and USCC $188.3M (October 22, 2026), CUSHY $27.7M (September 30), VBDC $9.7M (October 22). Not distinct investor capital: USCC's $27.0M of USTB is counted in both funds. Reported by Superstate and the managers; unaudited. - **Senior** Rank of USTB's Protocol Redeem liquidity provider, described only as 'an affiliated provider', against shareholders if the fund defaults or becomes insolvent. The instant route is available only when the facility can fund it, within daily caps. - **$5.92B** Cumulative USTB subscriptions reported on its Form D (114 investors since February 2024) against $725.5M of assets on October 22: cumulative subscriptions measure money moving in and out, not the fund's size. - **0.15% to 1.25%** Management fees by fund: USTB 0.15% (Invesco rebates 0.10% above $25 million), USCC 0.75% all-in, CUSHY 0.75% plus a 10% performance fee, VBDC 1.25% plus the underlying BDCs' own fees. - **107** Individual accounts on Superstate Services' books at the end of 2025, per its first annual Form TA-2, with 573 items received for transfer during the year and five issuers' equity securities. - **Jul 2025** Date of USCC's last Form D amendment, which still names Superstate Advisers as investment manager. Bitwise took over on June 1, 2026; no amendment reflects it, and none was filed on the anniversary in July 2026. Data note: Fund sizes, yields and holdings are as Superstate's pages displayed them on October 22 and 23, 2026 (CUSHY as of September 30). Year-end 2025 figures from Superstate Advisers' Form ADV are gross asset values, a different measure from the managers' AUM, and are not used here as a starting point for a percentage change. USCC returns are Bitwise's, net of fees, from its July 31, 2026 fact sheet. None of these figures is audited in a public document. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | Senior | The fastest exit from USTB runs on credit from an unnamed affiliate whose claims come first. | Ranking of USTB's Protocol Redeem liquidity provider against shareholders in a default or insolvency. The provider is described only as affiliated; the instant route works only within daily caps, and facility interest is a fund expense. | | $5.92B | Cumulative USTB subscriptions on its Form D, from 114 investors since February 2024. | Form D/A filed July 14, 2026; assets on October 22, 2026 were $725.5M. | | 3 of 4 | Funds on the shelf naming Big Four auditors (PwC, EY, Deloitte). | VBDC's auditor is to be appointed before its first annual audit. | | 107 | Individual accounts on Superstate Services' transfer-agent books at the end of 2025. | Form TA-2 for 2025, filed March 26, 2026. | ## Verdict Superstate has built working rails for tokenized private funds and is now renting them to larger managers: Invesco runs USTB, Bitwise runs USCC, Coinbase and Valinor brought new funds. The funds are well documented, and three of the four name Big Four auditors, but they are private 3(c)(7) funds for qualified purchasers, USTB's instant redemption relies on an affiliated lender that ranks ahead of shareholders, and the tokens sit under Superstate's administrative control. **Best for** - Crypto-native institutions that need a Treasury bill fund settling in USDC and usable as collateral. - Qualified purchasers comfortable with private-fund terms and a transfer-agent-controlled token. **Look elsewhere if** - You are not a qualified purchaser. - You need registered-fund protections or exchange liquidity. - You want to rely on instant redemption in a stress scenario. **Strengths** - Dated NAV, holdings and per-network share counts on every fund page (daily on USTB, USCC and VBDC). - Big Four firms named as auditors on three of four funds; independent custodians and NAV agents. - SEC-registered adviser and transfer agent; clean Form ADV and no enforcement record. - Large outside managers now run the two flagship funds. **Limitations** - USTB and USCC report smaller sizes than Superstate described earlier in 2026, with no published reconciliation. - Instant redemptions depend on an affiliated lender ranking ahead of shareholders. - Upgradeable contracts with an admin key that can burn tokens. - USCC's Form D has not been amended since July 2025; the newest funds are small, concentrated or not yet audited. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Crypto-native treasuries, funds and protocols holding dollars on-chain | well-suited | | | Qualified purchasers wanting crypto basis-trade income in a fund wrapper | neutral | | | Individuals who are not qualified purchasers | poor-fit | | | Investors who want a token they control outright | poor-fit | | ## Questions **Is Superstate legit?** Superstate is a venture-backed company with an SEC-registered investment adviser (Superstate Advisers, CRD 336188) and an SEC-registered transfer agent (Superstate Services). AltStreet located no enforcement action naming it, and its adviser reports no disciplinary disclosures. Its funds are private funds for qualified purchasers, three of the four naming Big Four firms as auditors. Its CEO, Robert Leshner, is a defendant in a pending class action over the Compound protocol he founded earlier; those are contested allegations that do not involve Superstate. **What is USTB?** USTB is the Invesco Short Duration US Government Securities Fund, formerly the Superstate Short Duration US Government Securities Fund: a private fund holding short-dated Treasury bills whose shares exist as tokens on Ethereum, Solana and Plume or in book-entry. Invesco Advisers has managed it since the second quarter of 2026. It held $725.5 million with a 3.63% 30-day yield on October 22, 2026, and charges 0.15%. **What is USCC?** USCC is the Bitwise Crypto Carry Fund, formerly the Superstate Crypto Carry Fund: a private fund that buys bitcoin, ether, SOL and XRP and sells futures against them to earn the basis, plus staking income. Bitwise has managed it since June 1, 2026, with Superstate Advisers as sub-adviser. It held $188.3 million on October 22, 2026; Bitwise reports a 5.89% return for the year to July 31, 2026, net of its 0.75% fee. **Who can invest in Superstate funds?** Qualified purchasers. Every fund's Form D relies on Section 3(c)(7), and VBDC's page states investors must be accredited investors who are also qualified purchasers. Some Superstate pages mention accredited investors alone; read the requirement as both. The minimum is $100,000 per fund unless Superstate waives it. **Can Superstate freeze or burn my tokens?** Yes. Superstate's documentation says its contracts are upgradeable and that the Superstate admin address controls minting, the allowlist and forcibly burning an investor's tokens if legal circumstances require it. The token is a record kept by Superstate's transfer agent. **How fast can I redeem USTB?** Same day for dollar redemptions received by 1pm ET, and immediately in USDC. One-transaction redemption on Ethereum (Protocol Redeem) is available only when an affiliated liquidity facility can fund it, within daily limits, and that lender's claims rank ahead of shareholders if the fund fails. ## Evidence appendix Platform website captured October 23, 2026. Site crawl of superstate.com (85 pages) and docs.superstate.com; fund pages as displayed October 22 and 23, 2026; all 23 EDGAR filings of eight registrants (Superstate Inc., Superstate Trust, Superstate Services, USTB, USCC, the Superstate Native Yield Fund, the CUSHY feeder and VBDC); Superstate Advisers' Form ADV and Schedule D; Bitwise's USCC fact sheet as of July 31, 2026; CourtListener (Houghton v. Leshner docket), SEC actions and web search. **Highlights** - USTB risk factors: 'In the event of the Fund's default or insolvency, the liquidity provider's claims would rank senior to Shareholders.' - Superstate docs: admin functions include 'forcibly burning an investor's tokens (if required by exogenous legal circumstances, for example)'. - VBDC page: idle cash 'may be invested in the Invesco Short Duration US Government Securities Fund ... so those assets bear two layers of management fees'. - Bitwise fact sheet: 'Bitwise Investment Manager, LLC became the Fund's investment manager on June 1, 2026.' **Primary source pages** - superstate.com/assets/ustb, /uscc, /cushy and /vbdc: assets, NAV, yields, fees, eligibility, service providers, network and DeFi distribution, holdings, risk factors. - Form D/A for USTB (July 14, 2026): $5,923,963,438 sold, 114 investors, Invesco Advisers as investment manager. - Form D/A for USCC (July 17, 2025): $211,043,879 sold, 43 investors, Superstate Advisers as investment manager. - Form D for the Superstate Native Yield Fund (April 6, 2026), the Coinbase CUSHY feeder (June 23, 2026) and VBDC (September 17, 2026). - Superstate Advisers Form ADV (March 27, 2026) and Schedule D 7.B.(1). - Superstate Services Form TA-1/A (March 25, 2026) and TA-2 for 2025. - Bitwise USCC fact sheet as of July 31, 2026. - docs.superstate.com: smart contracts, admin controls and audits. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/superstate - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/tokenized-rwa --- Source page: https://altstreet.investments/platforms/reviews/superstate Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.