Invesco Short Duration US Government Securities Fund

USTB is a tokenized private fund that holds short-duration U.S. Treasury and U.S. Agency securities, managed by Superstate with Federated Hermes as sub-advisor. It is designed for U.S. Qualified Purchasers who want exposure to government securities through a blockchain-native structure, allowing subscription and redemption in USDC at a daily net asset value. The fund addresses the friction of accessing traditional fixed-income instruments for participants who prefer on-chain settlement and self-custody.

USTB tokens are issued on Ethereum and represent proportional ownership in the fund's underlying government securities portfolio. An on-chain allowlist enforces compliance, restricting token holding and transfer to verified, eligible participants. Investors can self-custody the token in wallets of their choice — including externally owned accounts, multi-signature setups, or MPC wallets — or use a regulated custodian such as Anchorage Digital Bank or BitGo.

The fund charges a management fee of 0.15%, which investors in the fund pay and which flows to the fund's manager. No separate protocol fee stream is described in the available data beyond this management fee. At the point-in-time recorded here, approximately 99.975% of supply has been issued, with a dilution overhang of roughly 0.025%, meaning a small fraction of supply remains unissued relative to the fully diluted total.