Superstate
On-chain AUM$682.02m
Platform totals
Live assets3
Chains4
Est. annual revenue$1.02m
DeFi TVL$152.89m
DeFi TVL / AUM22.42%
Confirmed attestations3 / 3
Primary accessPermissioned (2)
Totals for filtered assets
3
$566.68m
$682.02m
$152.89m
3
| Name | Asset Group | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Superstate USTBUSTB | Bonds | $11.19 | $531.28m | $640.81m | $127.04m | 23.91% | Superstate | Bond & MMF Funds | T-Bills | Permissioned | Asset | RWA | Superstate Trust – Superstate USTB Money Market Fund | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Superstate Crypto Carry FundUSCC | Crypto / Digital Assets | $11.69 | $35.41m | $41.2m | $25.84m | 72.99% | Superstate | Bond & MMF Funds, Other RWAs | Mixed RWA Fund | Permissioned | Asset | RWA | Superstate Asset Trust | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Forward Industries TokenFWDI | Public Equities | $0 | Superstate | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Superstate | Yes | Yes | Yes | Yes |
About Superstate
Superstate is a blockchain-based platform providing infrastructure for tokenization and on-chain financial services. It enables users to access and trade diverse digital assets through decentralized protocols.
Profile
- Founded
- 2023
- Headquarters
- New York, USA
- Primary chain
- Ethereum
- Parent platform
- Superstate
- Issuer
- Superstate Trust – Superstate USTB Money Market Fund
Economics & revenue
Holder total fee15 bps
Asset manager take15 bps
Tokenization platform take0 bps
Performance fee0%
Mint fee0 bps
Redemption fee0 bps
Underlying fund expense15 bps
Float incomeNo
Revenue confidenceIssuer-Disclosed
Fees last verified2026-07-09
Attestations & milestones
- Attestation frequency
- Daily / Weekly
- Last attestation
- Daily NAV (USTB) + Weekly (USCC)
- 2026-06Bitwise takeover of USCC completed as the Bitwise Crypto Carry Fund
- 2026-03Invesco announced as investment manager of USTB
- 2025-05Opening Bell launched bringing SEC registered public equities onchain
- 2024-07USCC launched
- 2024-02USTB launched
- 2023-06first SEC filing and seed round
Revenue methodology & documents
Revenue model: Management Fee
USTB charges up to 15 bps with a 10 bps monthly rebate on average daily holdings above 25 million dollars, with no performance fee. USCC charges 75 bps. After the Invesco and Bitwise transitions headline fees accrue to the external managers with Superstate earning undisclosed infrastructure and transfer agency fees via FundOS.
Issuer registry, regulation & leadership
Founders and leadership
Robert Leshner — Co-Founder, CEO Jim Hiltner — Co-Founder
Issuer registry
Superstate, Inc. (Delaware C-corp; SEC-registered investment adviser). Founded 2023 by Robert Leshner (Compound founder), Reeve Collins, Jim Hiltner. Issues USTB (Short-Duration US Government Securities Fund) and USCC (Crypto Carry Fund, basis-trade) — both registered 1940-Act-equivalent feeders distributed onchain. $250M+ combined AUM.
Regulatory status
Superstate Advisers LLC is a registered investment adviser and Superstate Services LLC is an SEC registered transfer agent. The funds are private Delaware Statutory Trust series offered under Reg D to accredited investors and qualified purchasers. As of 2026 Invesco Advisers manages USTB and Bitwise manages USCC, with Superstate as sub advisor and transfer agent for both.
Entity structure
Superstate Inc. is the parent with Superstate Advisers LLC as RIA and Superstate Services LLC as SEC registered transfer agent. Funds are Delaware Statutory Trust series held as tokens on Ethereum, Solana, and Plume or in book entry form. Superstate has shifted toward FundOS infrastructure, delegating USTB to Invesco and USCC to Bitwise.