USTB

USTB: Exposure to Tokenized Treasury Bills at 15bps. USTB is a tokenized US Treasury fund that holds short-duration Treasury bills with an average portfolio duration of 6 months or less. The fund is US-domiciled and open to Qualified Purchasers. Total AUM stands at $811MSource: Superstate (total AUM, on-chain + book-entry) (~$645MSource: DeFiLlama (on-chain only) on-chain). Other attributes include:

• Fee Advantage: 15bps management fee drops to 5bps on allocations above $25M. Peers charge 15-50bps (JTRSY 15, VBILL 20, BUIDL 50). On a $100M allocation, USTB saves roughly $350K/year versus BUIDL.
• Institutional Service Providers: Treasury custody at a major US bank, audit by Ernst & Young LLP, and independent NAV calculation by NAV Consulting, Inc. See Infrastructure card for the full provider stack.
• Invesco Portfolio Management: Invesco (~$2.2T AUM as of Q1'26) assumes USTB's investment mandate on 26 May'26. The fund renames to Invesco Short Duration US Government Securities Fund while retaining the USTB ticker, smart contracts, and token addresses.

Rating: Low Risk. Whitelist-gated transfers limit any on-chain attack surface. Fund assets are custodied off-chain in segregated accounts at the custodian bank shown in the Infrastructure card above, so even a full smart-contract compromise cannot drain collateral. Combined with Treasury-bill collateral quality, USTB sits in the lowest-risk band across all five factors (Collateral, Liquidity, Operational, Protocol Maturity, Smart Contract).

Portfolio Backing. Exclusively short-duration US Treasury bills, with current holdings maturing within 1-3 months. The mandate explicitly excludes repo positions (BUIDL holds repo, which carries overnight counterparty exposure). Backing ratio stays 1:1 between tokens outstanding and T-bill plus cash holdings.

NAV Pricing and Yield. USTB uses an accumulating NAV model. Yield accrues through daily NAV appreciation rather than dividend distribution. Investors earn by redeeming at a higher NAV than entry. This differs from BUIDL's stable $1.00 rebasing model. NAV has appreciated from $10.00 at inception (Jan'24) to $11.05Source: Superstate as of Apr'26, with zero deviations across 27 months.

Oracle Architecture. USTB's on-chain price comes from two independent sources. The primary feed is Superstate's Continuous Price Oracle (0xe4fa...28a8), which works by receiving NAV/S checkpoints from Superstate's NAV Calculation Agent at business day close (5pm ET). Between checkpoints, the oracle uses linear extrapolation to generate a real-time price for minting and redemption. Each new checkpoint is bounded by a $1.00 maximum delta from the previous one, meaning the contract reverts if an update attempts to move the NAV by more than $1 in either direction. Checkpoints expire after 5 days if not refreshed, which prevents stale pricing from being used. The second feed is Chainlink's USTB Oracle (0x289B...5AAC), which publishes NAV/S once per day as an independent cross-check.

Audit & Custody. The fund is audited annually by Ernst & Young LLP. Treasury bill holdings are custodied at BNY Mellon, the largest global custodian bank with over $55T of assets under custody.

Portfolio Management Transitioning to Invesco. Invesco (~$2.2T AUM) takes over portfolio management on 26 May'26. Investment mandate and risk parameters remain unchanged. Fund renames to Invesco Short Duration US Government Securities Fund; ticker, contracts, and token addresses are unchanged. Announcement

One of the Lowest Fee Structures in the Category. At 15bps annually, USTB charges one of the lowest management fees among tokenized treasury products (JTRSY 15bps, VBILL 20bps, BUIDL 50bps). A monthly rebate drops USTB's effective fee to 5bps on allocations above $25M. No performance, subscription, or redemption fees.

Atomic Mint and Instant Redemption. Superstate's Direct Issuance Program enables single-transaction minting: deposit USDC, receive USTB in the same block. Redemption has two paths: standard T+1 settlement via USDC or fiat wire, and instant on-chain redemption through the RedemptionIdle contract (0x4c21...4cf), currently holding $7.73M USDCSource: Etherscan (0x4c21...4cf) available for instant redemption.

KYC and Qualified Purchaser Required. Direct access requires KYC onboarding, Qualified Purchaser status, and a $100,000 minimum mint, which together cap the direct on-chain holder count and skew positions toward larger institutional wallets. For non-QP investors, indirect exposure is available through Midas' mTBILL or Nest's nTBILL (built on Plume), though these are not pure USTB exposure as they blend allocations across multiple tokenized T-bill products.

Whitelist-Gated Transferability. USTB transfers only between whitelisted addresses, which materially shrinks the smart contract attack surface - any exploit that drains tokens can only move them to pre-approved addresses, cutting off illicit cashout paths. Whitelisted holders can still move USTB peer-to-peer, deposit into DeFi protocols, or use as collateral. The whitelist is managed by Superstate's SEC-registered transfer agent.

Compound Founder With Institutional Backing. Robert Leshner founded Compound Finance, one of the original DeFi lending protocols. Superstate's General Counsel previously served as Associate General Counsel at Coinbase and Special Counsel at the SEC. Equity backers across Series A (Nov'23, $14M co-led by Distributed Global and CoinFund) and Series B (Jan'26, $82.5M led by Bain Capital Crypto and Distributed Global) include Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere, 1kx, ParaFi, Flowdesk, Breyer Capital, Arrington Capital, CMT Digital, Nascent, Hack VC, Road Capital, and Invesco Private Capital (13 Apr'26 additional close as part of an expanded Superstate-Invesco strategic partnership). Total disclosed funding exceeds $100M.

Overall: Low Risk. Whitelist-gated transfers limit any on-chain attack surface. Fund assets are custodied off-chain in segregated accounts, so even a full smart-contract compromise cannot drain collateral. Combined with Treasury-bill collateral quality, USTB ranks among the lowest-risk tokenized products available.

Concentrated Holder Base, Limited DeFi Velocity. Holdings concentrate in larger institutional wallets, reflecting KYC and Qualified Purchaser eligibility requirements that cap retail fragmentation. The majority of USTB sits in passive cash-management positions; investors accrue NAV yield rather than redeploying into secondary on-chain venues. Active DeFi participation remains confined to a defined set of integration counterparties (Aave V3, Midas, Nest, Aave Horizon, Frax) that route USTB into lending markets or wrapped-access products.

DeFi Distribution: Aave, Midas mTBILL, Nest nTBILL, Aave Horizon. USTB sits in several major DeFi venues. Aave V3 lists USTB as a supply asset, letting lenders earn USTB yield inside existing lending positions. Midas mTBILL and Nest nTBILL wrap USTB (blended with peer tokenized Treasuries) to extend access to investors who cannot meet Qualified Purchaser thresholds directly. Aave Horizon's RWA vaults hold USTB as reserve-grade collateral for institutional lending against tokenized Treasuries. These rails provide distribution; diversification of the end-holder base remains gated by KYC and 1940 Act status.