Invesco files to launch tokenized stablecoin reserve fund

Invesco filed with the SEC on June 26, 2026, to register the Invesco Stablecoin Reserves Onchain Fund, a Rule 2a-7 government money market fund that would record share ownership as tokens on a public blockchain. The filing proposes the fund become effective 60 days after filing and targets a stable $1.00 net asset value.

The filing restricts the fund’s investments to cash, U.S. Treasury bills with remaining maturities of 93 days or less, and overnight repurchase agreements fully collateralized by U.S. Treasuries. The filing states the fund will not invest in cryptocurrencies, stablecoins or stablecoin issuers. The 93-day maturity limit matches the GENIUS Act reserve asset rules.

Superstate Services LLC will act as sub-transfer agent and maintain the official shareholder register through a blockchain-integrated recordkeeping system, the filing says. Ownership and transfers would be authenticated and recorded as tokens on a permissionless public blockchain, and the on-chain ledger together with an off-chain register would form the official shareholder record. The filing lists the specific blockchain as undetermined and references Ethereum in its risk disclosures.

The filing identifies Robert Leshner as the founder of Superstate. Superstate operates an SEC-registered tokenized Treasury fund, USTB, with about $200 million in assets under management. The filing shows Invesco manages roughly $2.45 trillion in assets.

The Invesco filing arrived in the same week that other large managers filed GENIUS Act-compliant reserve funds. At least eight major asset managers have moved to register such funds in 2026. Several filings use the same 93-day maturity ceiling required under the GENIUS Act.

The Invesco filing does not disclose an expense ratio. A separate filing from Fidelity lists a 0.18% fee. Other filings show different choices for tokenization infrastructure: some managers have used in-house platforms and others have engaged third-party providers.

The filing describes tokenized shares as enabling on-chain verification of reserve positions in real time and treats the on-chain token record as part of the official shareholder register rather than as an ancillary representation.

The filing references a July 18 federal final rules deadline for GENIUS Act implementation that is cited in regulatory materials and that preceded a wave of reserve fund registrations in 2026.