Invesco's SEC filing for a tokenized money market fund targets stablecoin issuers needing GENIUS-compliant reserves, intensifying competition with BlackRock and State Street.
Invesco has filed with the SEC to launch a tokenized money market fund designed specifically for stablecoin issuers to hold yield-bearing, liquid reserves on a public blockchain. The proposed Invesco Stablecoin Reserves Onchain Fund will operate under Rule 2a‑7, maintaining a constant $1 NAV while investing in cash and short-duration U.S. Treasury securities. Repurchase agreements round out the portfolio.
The filing, dated June 24, targets an effective date about 60 days later. The vehicle fits squarely into the GENIUS Act’s mandate that stablecoin issuers hold qualified assets as backing reserves. Invesco will house the fund inside its Short‑Term Investments Trust, a Delaware statutory trust that already runs similar money market products.
Superstate, a blockchain‑infrastructure specialist, will serve as sub‑transfer agent, handling tokenization and a blockchain‑based shareholder record system. The fund will run on a public blockchain, though the filing does not name the specific network. Superstate has previously tokenized assets on Ethereum and Solana. The arrangement extends a relationship that began in March when Invesco took over daily portfolio management of Superstate’s $700 million USTB tokenized Treasury fund – the first time a third‑party asset manager used Superstate’s FundOS blockchain infrastructure.
Invesco’s entry comes as the stablecoin reserve market gets crowded. State Street introduced a comparable GENIUS‑compliant product last week. Goldman Sachs (Alpha Score 51/100, Mixed) and Morgan Stanley (Alpha Score 62/100, Moderate) have each rolled out similar offerings in recent months. BlackRock, BNY, and JPMorgan are also in the race.
The stablecoin market now totals roughly $300 billion. Citigroup sees it expanding to $4 trillion by 2030, making reserve management a potential revenue engine for asset managers. Invesco joins BlackRock, Franklin Templeton, and Fidelity among traditional firms pushing into tokenized money market products.
An Invesco spokesperson declined to comment on products under registration. The fund’s effective date falls in late August, assuming no SEC objections.
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