Invesco has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new tokenized money market fund designed for stablecoin reserve management.
The proposed fund, called the Invesco Stablecoin Reserves Onchain Fund, will invest in cash, cash equivalents, repurchase agreements, and short-term U.S. Treasury securities. Its goal is to maintain a stable $1 share value while providing a secure place for stablecoin issuers to hold reserve assets.
According to the filing, the fund will operate under Invesco’s existing Short Term Investments Trust and will qualify as a government money market fund under Rule 2a-7.
The product is specifically designed to meet the reserve requirements outlined in the GENIUS Act, a U.S. law that regulates payment stablecoins. Under the law, stablecoin issuers must keep one-to-one reserves backed by safe and highly liquid assets.
Blockchain firm Superstate will play an important role in the project. The company will maintain a blockchain-connected shareholder registry that links traditional fund records with on-chain ownership tokens. While the filing confirms that shares will be tokenized on a public blockchain, it does not reveal which network will be used.
The new filing builds on the growing partnership between Invesco and Superstate. Earlier this year, Invesco took over portfolio management of Superstate’s tokenized U.S. Treasury fund, which managed around $900 million in assets. The fund was later renamed the Invesco Short Duration US Government Securities Fund, while Superstate continued handling the tokenization technology.
Invesco is entering a market that is becoming increasingly competitive. Since the GENIUS Act created a clear regulatory framework for stablecoin reserves, many traditional financial firms have launched products aimed at serving stablecoin issuers.
In June, State Street introduced its Stablecoin Reserves Money Market Fund, a product created specifically to help issuers meet reserve requirements under the new law. The fund is supported by State Street Bank and Trust Company and Anchorage Digital.
Earlier this year, ProShares also launched the ProShares GENIUS Money Market ETF, trading under the ticker IQMM. The ETF invests entirely in short-term U.S. Treasury securities and other government-backed assets, offering another reserve management option for stablecoin companies.
Several major financial institutions have also moved into the space. Companies including BlackRock, Franklin Templeton, Fidelity, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have either launched or filed products connected to tokenized money market funds and stablecoin reserve infrastructure.
The growing interest reflects expectations that the stablecoin market could expand significantly in the coming years. Citigroup estimates that the sector could grow from roughly $300 billion today to as much as $4 trillion by 2030.
If that growth happens, managing the cash and Treasury assets that back stablecoins could become one of the biggest opportunities in the digital asset industry, attracting both crypto-native firms and some of the world’s largest financial institutions.
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