Asset management giant Invesco files for tokenized fund targeting stablecoin reserve market

Asset management giant Invesco has filed with the SEC to launch the Invesco Stablecoin Reserves Onchain Fund, a tokenized vehicle that will invest in cash and short-term U.S. Treasuries to back stablecoins.

The $2.5 trillion asset manager deepens its blockchain push after taking over Superstate's tokenized money market fund as fund manager earlier this year.

Fund Details

The fund, which will run on a public blockchain and use tokenization firm Superstate as sub-transfer agent, will maintain a blockchain-integrated shareholder registry with on-chain tokens representing ownership.

The proposed portfolio aligns with the reserve requirements outlined in the GENIUS Act, the U.S. law governing payment stablecoins. The filing does not yet identify the specific blockchain network.

An Invesco spokesperson declined to comment on the filing, telling CoinDesk that the firm does not comment on products that are in registration.

Market Context

Invesco's move is another sign of asset managers increasingly chasing a new business opportunity created by stablecoins. These cryptocurrencies are designed to maintain a fixed value, typically tied to one U.S. dollar, and are backed by reserve assets such as cash and short-term Treasuries. As issuance grows, so does demand for firms that can manage those reserves.

Citigroup projects the stablecoin market could expand to as much as $4 trillion by 2030, up from roughly $300 billion today, creating a potentially lucrative market for fund managers.

BlackRock, State Street and ProShares also filed to launch funds aimed at serving as stablecoin reserve vehicles, reflecting intensifying competition to provide the infrastructure behind digital dollars.

Broader Tokenization Strategy

The filing also builds on Invesco's broader tokenization strategy. Earlier this year, the firm took over management of Superstate's roughly $900 million tokenized Treasury fund, becoming the first third-party asset manager to use Superstate's blockchain-based FundOS platform.

That move placed Invesco alongside firms such as BlackRock, Franklin Templeton and Fidelity that have embraced tokenized money market funds as a way to modernize how traditional assets are issued, transferred and settled using blockchain rails.

Market Data

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Why it matters: In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.