coindesk.com
Asset manager, Invesco is preparing to launch a tokenized fund to serve the fast-growing stablecoin market, the latest sign that traditional asset managers are racing to manage the reserves backing digital dollars.
The firm — which has more than $2.5 trillion in AUM — filed Wednesday with the U.S. Securities and Exchange Commission (SEC) to register the Invesco Stablecoin Reserves Onchain Fund, which will invest in cash and short-term U.S. Treasury securities. The proposed portfolio aligns with the reserve requirements outlined in the GENIUS Act, the U.S. law governing payment stablecoins.
The filing named tokenization specialist Superstate as sub-transfer agent. Superstate will maintain a blockchain-integrated shareholder registry, combining traditional fund records with onchain tokens representing ownership. The filing said the fund will operate on a public blockchain, though it does not yet identify the network.
An Invesco spokesperson declined to comment on the filing, telling CoinDesk that the firm does not comment on products that are in registration.
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.
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.