Invesco, the global asset manager with $2.45 trillion in assets under management, has filed an amendment with the U.S. Securities and Exchange Commission (SEC) to launch a new money market fund explicitly designed for stablecoin reserve management. Titled the Invesco Stablecoin Reserves Onchain Fund, the vehicle will operate under Rule 2a-7 and invest primarily in high-quality, short-term instruments such as U.S. Treasuries, repurchase agreements, and cash equivalents, maintaining a stable $1 net asset value.
The filing, dated June 24, 2026, indicates the fund will become effective approximately 60 days later—around the end of August—and does not yet have a ticker. Its structure is tailored to stablecoin issuers requiring compliant reserves, daily liquidity, and low-risk yield, a direct response to the federal stablecoin framework established by the GENIUS Act passed in 2025. The law clarified eligible assets for backing digital dollars, prompting Wall Street firms to compete for the cash pools tied to regulated stablecoin issuance.
Invesco is partnering with technology firm Superstate, which will act as sub-transfer agent for tokenized shares. Ownership records will be maintained on designated public blockchains; while the filing discusses Ethereum-related risks and Superstate has historically tokenized shares on Ethereum and Solana, the specific chains are not yet named. This builds on an existing relationship: in March 2026, Invesco took over portfolio management of Superstate’s tokenized U.S. Treasury fund (USTB), which had about $700 million in assets.
The move intensifies competition in the stablecoin reserve segment. State Street launched its GENIUS-compliant SSCXX fund last week, following offerings from BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs. Unlike earlier tokenized money market funds like BlackRock’s BUIDL or Franklin Templeton’s BENJI, which targeted general liquidity, the new products are purpose-built for stablecoin issuers’ regulatory and operational needs. Invesco’s entry underscores how stablecoin reserve management is becoming a critical bridge between traditional money markets and tokenized finance, potentially embedding asset managers into the daily infrastructure of token issuance, redemption, and regulatory reporting.
