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.
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What the data actually shows - TL;DR
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.
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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.
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.
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.
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.
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.
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.
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.
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.
Quick Verdict
Is this platform right for you?
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.
Avoid 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.
Top 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.
Key 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.
Compare Before Deciding
Where Superstate fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to Ondo Finance Review
Ondo Finance Review
Tokenized Treasury fund interests for accredited and qualified investors.
How this compares to Franklin Templeton Benji Review
Franklin Templeton Benji Review
An SEC-registered government money fund with its register on public blockchains.
How this compares to Securitize Review
Securitize Review
Tokenized private funds through a registered transfer agent and broker-dealer.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
No listing. The fund's own redemption is the exit; DeFi lending markets accept the tokens as collateral but are not a sale venue.
K-1 Timing
USCC issues K-1s; timing not stated publicly.
Distributions
Continuous NAV for USTB; daily NAV for USCC and VBDC; monthly for CUSHY.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Superstate Inc. (New York; CIK 1981398) was founded in 2023 by Robert Leshner, who earlier founded the Compound lending protocol; it has raised money in three rounds on Form D, most recently a Series B that its January 2026 Form D reports as $77.5 million sold of a $110.0 million offering to 14 investors (Superstate announced $82.5 million, led by Bain Capital Crypto and Distributed Global, and Invesco Private Capital added a strategic investment in April). The company runs three regulated or semi-regulated pieces. Superstate Advisers LLC is an SEC-registered investment adviser (since June 2, 2025) that managed USTB and USCC until 2026, now sub-advises USCC and manages a Superstate Native Yield Fund that raised $28 million from one investor in April 2026.
Superstate Services LLC is an SEC-registered transfer agent (file 084-06972, effective March 5, 2025) that keeps the share registers of every fund on the platform and of the Opening Bell public companies. FundOS is the product name for the fund shelf: managers launch a fund as a series of Superstate Asset Trust (or bring their own vehicle, as Coinbase did for CUSHY), and Superstate issues the shares as tokens, maintains the allowlist of approved wallets, and connects the tokens to DeFi lending markets such as Aave, Kamino and Morpho. Investors onboard through Superstate's portal, prove qualified-purchaser status and add wallets to the allowlist; subscriptions and redemptions settle in dollars by wire or in USDC.
It filed a Form N-1A in June 2023 for a registered money market fund (the Superstate Trust), amended in April 2025, that AltStreet found no notice of effectiveness for. USTB, then the Superstate Short Duration US Government Securities Fund, filed its first Form D in January 2024 and made its first sale on February 14, 2024; USCC followed on July 12, 2024. Superstate Services registered as a transfer agent effective March 5, 2025, and Superstate Advisers registered with the SEC as an investment adviser on June 2, 2025.
Superstate enabled peer-to-peer USTB transfers in May 2024, continuous pricing in October 2024 and protocol mint-and-redeem in December 2024, announced Opening Bell for public equities in May 2025, added Solana and Plume in July 2025, and tokenized Galaxy's shares in September 2025. In January 2026 it announced an $82.5 million Series B. In March it announced that Invesco would become USTB's manager, in April that Coinbase Asset Management would issue a tokenized share class of CUSHY through FundOS, in May that Bitwise would take over USCC on June 1, and in September that Valinor had launched VBDC on the shelf.
Funds on the shelf
USTB (Treasury bills; Invesco Advisers; $725.5M), USCC (crypto basis trade; Bitwise, Superstate Advisers sub-adviser; $188.3M), CUSHY (stablecoin credit; Coinbase Asset Management; Cayman; $27.7M), VBDC (listed BDCs; Valinor Digital Capital; $9.7M). Plus the Superstate Native Yield Fund (Superstate Advisers; $28M Form D, one investor; no page).
Who can invest
Qualified purchasers (and, for VBDC, accredited investors who are also qualified purchasers), US and eligible non-US; $100,000 minimum on every fund unless waived; onboarding and allowlisting through Superstate's portal.
Fees
USTB 0.15% (0.10% rebate above $25M); USCC 0.75% unitary; CUSHY 0.75% plus 10% performance fee (Class T); VBDC 1.25% plus underlying BDC fees. Gas fees borne by holders.
Liquidity
USTB same day (instant in USDC when the Protocol Redeem facility allows); USCC daily, T+1; CUSHY monthly subscriptions and quarterly redemptions; VBDC daily, gated at 7.5% of NAV per day. No exchange or ATS; allowlisted peer-to-peer transfers only.
Service providers
Transfer agent Superstate Services (all). Named auditors PwC (USTB), EY (USCC), Deloitte (CUSHY), none yet (VBDC). Custodians BNY Mellon, Anchorage Digital, Coinbase Custody, Alpaca Securities. NAV agents NAV Fund Services, Northern Trust, NAV Consulting.
Networks
Ethereum, Solana and Plume (USTB, USCC); Solana and Base (CUSHY); Ethereum (VBDC); book-entry for all. DeFi: Aave, Kamino, Morpho.
Visual Summary
Superstate against the tokenized fund platforms AltStreet covers
What the investor holds and who can buy it, from each product's own documents as recorded in AltStreet's reviews.
Superstate (USTB, USCC, CUSHY, VBDC)
What the investor holds
Shares of private funds, recorded as tokens by Superstate's transfer agent
Who can buy
Qualified purchasers, $100,000 minimum
Franklin Benji (FOBXX)
What the investor holds
A share of an SEC-registered government money market fund, recorded on-chain by Franklin's transfer agent
Who can buy
US investors from $20 (Stellar)
Ondo (OUSG)
What the investor holds
An interest in a private fund holding Treasury fund shares
Who can buy
Accredited investors and qualified purchasers
Securitize
What the investor holds
Tokenized private funds and securities through a registered transfer agent and broker-dealer
Who can buy
Mostly accredited and institutional investors, by product
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
USCC issues K-1s; timing not stated publicly.
Cash Flow
Distributions
Frequency
None for USTB, USCC and VBDC: income accrues into NAV per share.
Timing
Continuous NAV for USTB; daily NAV for USCC and VBDC; monthly for CUSHY.
Consistency
USTB tracks Treasury bill rates (3.63% 30-day yield on October 22, 2026); USCC tracks the crypto futures basis and moves with markets.
Liquidity
Exit Reality
Holding period
None stated for USTB, USCC or VBDC; CUSHY redeems quarterly.
Exit options
- Redeem through the Superstate portal in dollars or USDC.
- For USTB, Protocol Redeem into USDC on Ethereum, subject to daily limits.
- Transfer to another allowlisted address at a negotiated price.
Secondary market
No listing. The fund's own redemption is the exit; DeFi lending markets accept the tokens as collateral but are not a sale venue.
Investment Structures
USTB: Invesco Short Duration US Government Securities Fund
Short-dated Treasury bills. Series of Superstate Asset Trust; manager Invesco Advisers, Inc.; custodian BNY Mellon; auditor PwC; placement agent Invesco Distributors. $725.5 million and 30-day yield 3.63% (net) on October 22, 2026; NAV accrues continuously from $10.00 (now $11.26). 0.15% fee, 0.10% rebate above $25 million.
Same-day subscriptions and redemptions in dollars, immediate in USDC; Protocol Redeem for one-transaction redemption on Ethereum when the liquidity facility allows. Tokens on Ethereum, Solana and Plume or book-entry.
USCC: Bitwise Crypto Carry Fund
Crypto cash-and-carry: long spot bitcoin, ether, staked SOL and XRP against short futures, plus staking income, cash and USTB. Series of Superstate Asset Trust; manager Bitwise Investment Manager since June 1, 2026, sub-adviser Superstate Advisers; custodian Anchorage Digital; auditor EY. $188.3 million and 30-day yield 5.94% on October 22, 2026; Bitwise reports 5.89% for the year to July 31, 2026 and 7.76% a year since July 2024, net. 0.75% unitary fee; daily liquidity, T+1; K-1s.
CUSHY: Coinbase USD Stablecoin Yield Fund (tokenized class)
Stablecoin private credit, direct lending and tokenized credit, targeting SOFR plus 400 to 700 basis points (hypothetical). Cayman feeder managed by Coinbase Asset Management; administrator Northern Trust; auditor Deloitte. $27.7 million and 30-day yield 8.69% on September 30, 2026. Class T fee 0.75% plus 10% performance fee. Monthly subscriptions, quarterly redemptions.
VBDC: Valinor BDC Exposure Fund
A basket of listed business development company shares. Series of Superstate Asset Trust; manager Valinor Digital Capital; custodian Alpaca Securities; administrator NAV Consulting; auditor not yet appointed. $9.7 million on October 22, 2026. 1.25% fee plus the BDCs' own fees. Daily redemptions subject to a 7.5%-of-NAV daily gate.
Opening Bell: tokenized public equities
SEC-registered shares of public companies recorded on-chain by Superstate Services, with Direct Issuance Programs for follow-on capital. $58.2 million displayed on October 22, 2026, $57.5 million of it Forward Industries. Not a fund; an investor holds the issuer's shares.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Private funds
Every fund relies on Section 3(c)(7) and Rule 506(c); none is registered under the Investment Company Act, and USTB shareholders have no voting or approval rights under the trust agreement.
Control of the register
Upgradeable contracts; Superstate's admin address can mint, allowlist and force-burn tokens.
Instant liquidity
USTB's Protocol Redeem depends on an affiliated liquidity facility whose claims rank senior to shareholders.
Manager changes
Both flagship funds changed managers in 2026; their reported sizes since are below Superstate's earlier 2026 descriptions, on figures not on one basis.
Series trust
Inter-series liability limits for Delaware statutory trusts are statutory but untested in court and bankruptcy (VBDC risk factors).
The instant-redemption lender ranks ahead of you
USTB's Protocol Redeem is funded by a liquidity facility from an affiliated provider; its claims rank senior to shareholders in default or insolvency, and its interest is a fund expense.
Why it matters
In stress, the route most likely to be used is the one with the senior creditor and the daily caps.
Mitigation / verification
Ask Superstate or Invesco to name the provider and state the cap; ordinary same-day dollar redemption does not depend on it.
Fund size is hard to track
USTB went from a '$1B+' fund in April 2026 (Superstate) to $725.5 million on its page on October 22; USCC from '$260M+' in May (Superstate) to $125.75 million of AUM on July 31 (Bitwise) and $188.3 million on October 22. The sources and bases differ, and no reconciliation is published.
Why it matters
A fund's size affects how its fixed costs are spread and who its other holders are; the public record does not show whether the changes are redemptions, valuation or measurement.
Mitigation / verification
Ask for the fund's assets and holder count at subscription, and read the 90-day chart on the fund page.
Superstate can burn tokens
The contracts are upgradeable and the admin address can mint, change the allowlist and force-burn an investor's tokens.
Why it matters
A token here is a transfer-agent record, not a bearer asset; errors, sanctions or disputes are resolved by Superstate.
Mitigation / verification
Treat USTB and USCC as private fund shares with an on-chain register, and read the audit reports linked in the documentation.
USCC's filings lag its manager
The last Form D amendment (July 2025) names Superstate Advisers as investment manager; the Bitwise change of June 1, 2026 is not on file.
Why it matters
The public record of who runs the fund and how much it has raised is fifteen months old.
Mitigation / verification
Rely on the offering documents in the portal, and check EDGAR (CIK 2030263) for an amendment.
Regulatory & Legal Posture
Security Status
Private funds sold under Rule 506(c) to qualified purchasers and excluded from the Investment Company Act under Section 3(c)(7); public-company shares (Opening Bell) are the issuers' registered securities.
Superstate's regulated entities are an SEC-registered investment adviser (Superstate Advisers, CRD 336188) and an SEC-registered transfer agent (Superstate Services, 084-06972). The fund managers are SEC-registered advisers (Invesco Advisers CRD 105360, Bitwise Investment Manager CRD 317943, Coinbase Asset Management CRD 322174) except Valinor Digital Capital, which AltStreet did not find in the SEC adviser roster. Superstate's 2023 Form N-1A for a registered money market fund has no notice of effectiveness on EDGAR.
- Superstate Services LLC: Form TA-1 filed February 3, 2025, effective March 5, 2025; TA-2 for 2025 reports 107 individual accounts, 573 items received for transfer, five issuers' equity securities, all in the Direct Registration System, and turnaround compliance throughout.
- Superstate Advisers LLC: SEC registration effective June 2, 2025; Form ADV of March 27, 2026 reports $1,246,016,000 of regulatory assets in USTB ($773.6M gross, 83 beneficial owners, 46% non-US) and USCC ($472.4M, 96 owners, 67% non-US).
- Robert Leshner, Superstate's CEO, is a named defendant in Houghton v. Leshner (N.D. Cal. 3:22-cv-07781), a putative class action filed in December 2022 over COMP tokens of Compound, the protocol he founded before Superstate, asserting Securities Act and California claims; he answered the amended complaint on September 18, 2026, other defendants have appealed a ruling to the Ninth Circuit, and a case management conference is set for March 9, 2027. These are contested allegations against him personally; the case does not involve Superstate.
- Legal scan, October 23, 2026: no SEC, FINRA, state or court action located naming Superstate Inc., Superstate Advisers, Superstate Services or Superstate Asset Trust; Superstate Advisers' Form ADV reports no disciplinary disclosures.
Disclosure Quality
Partial: detailed, dated fund pages (daily on three funds) and a public USCC fact sheet; Form Ds for every vehicle (USCC's out of date); offering documents and financial statements only through the investor portal.
Custody Model
Fund assets with independent custodians (BNY Mellon, Anchorage Digital, Coinbase Custody, Alpaca Securities). Share registers kept by Superstate Services on-chain and in book-entry, with an allowlist and admin controls.
Regulatory Backing
Transfer agent rules under the Exchange Act for Superstate Services; the Advisers Act for each manager; each fund's trust agreement or articles.
Tax Treatment
Reporting
Depends on the fund: USCC issues K-1s (Bitwise fact sheet); the others are not stated on the public pages.
Annual.
Income Character
Fund-specific
USTB and USCC accrue income into NAV per share rather than paying distributions, so an investor's income is realized through NAV growth and, for USCC as a partnership, allocated on a K-1. CUSHY is a Cayman fund. AltStreet did not see the tax sections of the offering documents.
Limitation
AltStreet is not a tax adviser; read each fund's offering documents.
Special Considerations
- Peer-to-peer transfers and redemptions are dispositions of fund shares.
- USCC's K-1 timing is not stated publicly.
Account Suitability
Taxable
Yes.
Roth IRA
USCC's fact sheet says it is not currently IRA eligible; the others do not say.
Traditional IRA
As above.
HSA
Not applicable.
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AltStreet Data Layer
What the data actually shows
Superstate's fund pages, the adviser's Form ADV, the Form Ds and Bitwise's fact sheet together give a dated record of each fund's reported size, though on different bases.
USCC's reported size, by source
'$260M+' (Superstate, May 2026); $125.75M AUM (Bitwise fact sheet, July 31); $188.3M (fund page, October 22). Form ADV gross asset value at year-end 2025 was $472.4M, a gross measure not comparable to AUM.
What this means
The size path is visible only across sources, and no reconciliation is published.
USTB below its April description
'$1B+' (Superstate, April 2026); $725.5M (fund page, October 22). Form ADV gross asset value at year-end 2025 was $773.6M.
What this means
The filings do not say what changed after Invesco took over.
Subscriptions far above assets
USTB's Form D reports $5.92B of cumulative subscriptions from 114 investors.
What this means
Cumulative subscriptions measure money moving in and out, not the fund's size.
Funds holding funds
USCC held $27.0M of USTB (14.36%) on October 22; VBDC may hold its cash in USTB.
What this means
Fees layer inside the shelf, the funds' liquidity is linked, and the combined $951.2M counts that holding twice.
Data as of 2026-10-23 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Crypto-native treasuries, funds and protocols holding dollars on-chain
USTB is built for this: Treasury bill yield, USDC settlement, same-day or instant redemption and DeFi collateral use, with PwC named as auditor and BNY Mellon as custodian.
Qualified purchasers wanting crypto basis-trade income in a fund wrapper
USCC offers a hedged, daily-liquid strategy with EY named as auditor, but its reported size has moved a long way in 2026 and its filings lag its manager.
Individuals who are not qualified purchasers
Every fund requires qualified-purchaser status and $100,000.
Investors who want a token they control outright
Superstate's admin can force-burn tokens and controls the allowlist.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Transparency
Offering documents and statements only after onboarding.
Liquidity
The instant route depends on an affiliated senior lender with daily caps.
Control
The same agent can burn tokens and remove wallets from the allowlist.
Managers
Reported sizes are below Superstate's earlier 2026 descriptions, and one filing record lags.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone who is not a qualified purchaser
The funds are 3(c)(7) private funds with $100,000 minimums.
Investors needing exchange liquidity
Tokens trade only between allowlisted wallets; the exit is redemption.
Investors who need SEC-registered fund protections
None of the funds is a registered investment company; USTB shareholders have no voting rights under the trust agreement.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Superstate's real product is the rails: a registered transfer agent, an allowlisted token standard across four networks, USDC settlement and DeFi integrations, in operation since USTB's first sale in February 2024. It has handed USTB and USCC to established managers, Invesco and Bitwise; their reported sizes since are below Superstate's own descriptions earlier in the year, on figures that are not on one basis. A qualified purchaser buying through Superstate is buying a manager's private fund on Superstate's register, so the diligence is two-sided: the manager's strategy and the register's controls.
Positioning
Among tokenized fund platforms AltStreet covers, Superstate sits between Securitize (a broad issuance platform with a broker-dealer) and Ondo (a single sponsor's private Treasury funds): a narrow, high-disclosure shelf for qualified purchasers, now mostly run by outside managers.
The Bottom Line
Well-built, well-disclosed rails for tokenized private funds, now carrying other managers' funds, with an instant-redemption route that relies on an affiliated senior lender and token controls that stay with Superstate.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Confirm you are a qualified purchaser before onboarding; the funds' Form Ds rely on Section 3(c)(7).
Ask for the PPM's liquidity-facility terms on USTB: the provider, the cap and the interest rate.
Read each fund page's 90-day chart and holdings date before subscribing.
Check EDGAR (CIK 2030263) for an updated USCC Form D naming Bitwise.
Read the smart-contract audit reports linked from docs.superstate.com.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Comparison Guides
Head-to-head guides featuring Superstate
+
Report Appendix
Comparison Guides
Head-to-head guides featuring Superstate
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Similar Platform Reviews
- Ondo Finance Review
Tokenized Treasury fund interests for accredited and qualified investors.
- Franklin Templeton Benji Review
An SEC-registered government money fund with its register on public blockchains.
- Securitize Review
Tokenized private funds through a registered transfer agent and broker-dealer.
Report Appendix
Evidence & Methodology
212 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
212 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
212 supporting passages on file for Superstate and its offerings from 8 source documents, 2 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 212
- Source documents
- 8
- Analyst verified
- 0
- Discrepancies flagged
- 2
ASReview Evidence
Methodology
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.
Scope
Superstate Inc. and its adviser and transfer agent; the four funds on its pages and the Superstate Native Yield Fund; Opening Bell as displayed. The funds' private placement memoranda were not obtained.
Key Findings
- *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
Comparable Platforms
- Ondo Finance
One sponsor's private tokenized Treasury funds.
- Franklin Templeton Benji
A registered money fund on-chain, open to US retail.
- Securitize
Broad tokenized issuance with a broker-dealer and ATS.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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.