Bitwise has officially entered the tokenization market with the launch of its first on-chain investment product, the Bitwise Crypto Carry Fund (USCC), and XRP was included in the underlying basket on equal terms with Bitcoin, Ethereum, and Solana. The fund, now managing over $259 million in assets, was tokenized on Superstate’s FundOS platform and is already generating a ~4% annualized 30-day yield, Bitwise CEO Hunter Horsley announced on June 1, 2026.
Unlike traditional crypto funds, USCC does not bet on price appreciation. Instead, it uses a basis trade strategy: buying spot assets while simultaneously shorting futures on them, extracting profit from the price difference regardless of market direction. This structure aims to eliminate the “dead capital” problem for institutions, as tokenized shares can be used as collateral across leading DeFi protocols. Platforms including Aave Horizon, Kamino, and Morpho already accept USCC shares as overcollateral, allowing qualified investors to earn yield while unlocking stablecoin liquidity for other transactions.
The launch doubles Bitwise’s institutional access points for XRP. Alongside the tokenized fund, the firm’s spot XRP ETF (trading on the NYSE) held $343.58 million in net assets, with cumulative net inflows reaching $471.17 million. The new fund is available exclusively to qualified investors through a private placement, is not registered with the SEC, and its managers caution that investment objectives are not guaranteed.
