<\/p>\n
Robert Leshner’s new venture wants to modernize investment funds.<\/p>\n
Superstate, an asset manager which makes tokenized investment products, launched its first fund today.<\/p>\n
The fund, called USBT<\/a>, will invest in short-term U.S. Treasuries and charge a management fee of 15 basis points, according to a release shared with The Defiant.<\/p>\n Only Qualified Purchasers, a designation granted by the U.S. Securities and Exchange Commission (SEC), which is typically reserved for entities with a net worth exceeding $5 million, will be eligible to acquire USBT.<\/p>\n Investors will be able to self-custody their USBT at an address of their choice. They will also have the freedom to use different security implementations like multisignature wallets or multi-party computation (MPC), or traditional externally owned accounts (EOAs) to secure the assets.<\/p>\n <\/p>\n Anchorage Digital, a federally chartered bank, will also be an option for custody.<\/p>\n USBT will enter a crowded market for tokenized treasuries \u2014 an array of projects have already tokenized $862 million of U.S. Treasuries, according to a dashboard<\/a> from rwa.xyz.<\/p>\n Superstate however, contends that its approach is unique.<\/p>\n \u201cUSTB is a fund that directly holds government securities, rather than wrapping ETFs or another product (which introduces multiple layers of fees),\u201d a spokesperson from Superstate told The Defiant in an email. \u201cIn essence, it’s a proof-of-concept of the tokenization technologies that Superstate is building.\u201d<\/p>\n Projects like Ondo Finance, burst<\/a> onto the scene last year with these wrapped ETF offerings which have since attracted over $126 million for the project, according to RWA.xyz.<\/p>\n Superstate is taking a slightly different approach in that USTB doesn\u2019t represent any pre-existing security, but is a fund which is native to the Ethereum blockchain.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n The product\u2019s launch is part of Superstate\u2019s efforts to \u201cmodern[ize] the infrastructure of investment funds,\u201d as its website<\/a> says.<\/p>\n When the Defiant asked Superstate to expand on its mission a spokesperson said \u201cmoderning investment funds refers to our vision of bringing this tokenization methodology to asset classes, types of investors, and geographies over time, at scale.\u201d<\/p>\n\n