USTB Explained: Tokenized Short Duration Treasury Fund

USTB is the token for a tokenized private fund that invests in short duration U.S. Treasury and U.S. Agency securities. The fund aims to track the federal funds rate and charges a 0.15% management fee, according to the project description. The token is a digital record of a share in the fund, not a currency, a governance token or a native coin of any blockchain.

The fund is run by Superstate, an Exempt Reporting Adviser that acts as investment manager. Federated Hermes serves as sub-advisor. USTB is a series of a Delaware Trust that is legally separate from Superstate. A search result dated March 2026 reported that Invesco would take a leadership role in Superstate's tokenized fund business, which is why the name now carries the Invesco brand. Readers should check the current fund documents for the exact roles of each firm.

In the data, USTB sits in the real-world asset category, specifically tokenized Treasuries. Its value is meant to follow the fund's net asset value (NAV), which is why the price moves slowly and mostly upward rather than swinging like a typical crypto asset.

The main use of USTB is to hold exposure to short-term U.S. government debt in a form that can sit in a crypto wallet. Accepted U.S. Qualified Purchasers can subscribe to and redeem from the fund using USDC at a daily NAV, which is calculated by NAV Consulting. That makes it a way to park stablecoin balances in an asset that aims to earn something close to the federal funds rate.

On-chain ownership and transfers are managed through an Ethereum-based Allowlist, which is how the fund handles compliance. Only approved addresses can hold the token. The project says peer-to-peer transactions may become possible in the future, subject to applicable restrictions, so open transfers should not be assumed.

The project also describes USTB as the start of a broader mission to tokenize traditional assets and build regulated investing products for institutions and, over time, other investors. That is a stated goal, not a guarantee. The token has no known role in governance, staking or paying fees on a network, and public sources provided do not describe any such function.

At the time of writing, as of 2026-11-05, the data shows USTB at about $11.27, with a market capitalization of roughly $629.7M and a market cap rank of 93. Circulating and total supply are the same, at about 55.9 million tokens, and no maximum supply is listed. Because the fully diluted value equals the market cap, there are no locked or unreleased tokens in the usual sense.

Supply is not fixed by a protocol schedule. Tokens are created when eligible investors subscribe with USDC and removed when they redeem, so supply tracks demand for the fund. Different data pages show different supply and market cap numbers for USTB, one snippet showing a larger figure than the one here, which is typical for assets whose supply changes with subscriptions and redemptions and whose data feeds update at different times.

The price moved about 0.07% over seven days and about 3.56% over one year in this data. The all-time high of $11.27 was on 2026-11-04 and the all-time low of $10.29 was on 2025-02-26. A steadily rising price is consistent with a fund that accrues income into its NAV rather than paying it out separately. This describes past data, not a forecast.

USTB is issued on three networks: Ethereum, Plume Mainnet and Solana. Ethereum is where the Allowlist described by the project lives, and the token is also tagged to the Solana, Plume Network and Superstate ecosystems in market data.

Holding works differently from a normal token. The project says investors can self-custody USTB at on-chain addresses of their choice, such as an externally owned account, a multi-signature wallet or an MPC wallet. Alternatively, they can use Anchorage Digital Bank National Association, a federally chartered bank, or BitGo, a New York state chartered trust company acting as a qualified custodian. In every case the address generally needs to be approved on the Allowlist for the token to be received or moved.

Trading is also restricted. Primary subscriptions and redemptions with USDC are open only to accepted Qualified Purchasers. Some data pages list USTB on a small number of exchanges, but a price quote on an aggregator does not mean that anyone can buy it. Eligibility, jurisdiction and platform rules all apply, so readers should confirm their status before attempting any purchase.

Public sources provided do not give a launch date for USTB, so none is stated here. The data does show the all-time low on 2025-02-26 at $10.29, which suggests the token had already been trading and being priced well before that date.

The project describes its structure and its partnerships with established service providers as new ground in the private funds space. Those providers include Superstate as manager, Federated Hermes as sub-advisor, NAV Consulting for daily NAV calculation, and Anchorage Digital Bank and BitGo as custody options.

The most notable recent event in the data is a search result from March 2026 reporting that Invesco would take leadership of Superstate's tokenized fund business, which it described as about $900 million in size. This is a snippet, not a full account, so the details of the arrangement, such as timing and what changed for investors, should be checked in official fund announcements and documents. Since then, the token has carried the Invesco name in market listings. Another snippet noted USTB's aim of offering short-term Treasury bill exposure with returns near the federal funds rate.

USTB is meant to be conservative, but it still carries risks.

Interest rate risk. The fund holds Treasury and agency securities with short durations. Short duration lowers sensitivity to rate changes, but does not remove it. If rates change, NAV and yield will change.

Structure and legal risk. USTB is a private fund interest, not a freely tradable crypto asset. Access is limited to Qualified Purchasers, and the rules around transfers may change. Redemption depends on the fund operating as described, including USDC availability and the work of service providers.

Counterparty and operational risk. The fund relies on its manager, sub-advisor, administrators, custodians and the smart contracts and Allowlist that control ownership. A failure or restriction at any of these points could delay access.

Liquidity risk. Secondary markets for the token look thin, and price quotes on data pages may not be executable. Aggregator numbers also disagree with each other.

Stablecoin risk. Because subscriptions and redemptions use USDC, problems with that stablecoin could affect the process.

This page is educational and is not investment advice. Read the fund's official documents before making any decision.

Because USTB works through an approved address list, safe storage starts with choosing a wallet type that the fund and your custodian will accept. The project says self-custody is possible in an externally owned account, a multi-signature wallet or an MPC wallet, and that Anchorage Digital Bank or BitGo can hold the token for investors who prefer a regulated custodian.

For self-custody, a hardware wallet or a multi-signature setup lowers the chance that one stolen key empties the account. Write down recovery phrases offline, never type them into a website, and keep them separate from the device. Confirm the network before any action, since the token exists on Ethereum, Solana and Plume and the same name on a different chain may be a different contract.

Always check the contract address against official fund documents and never send the token to an address that is not on the Allowlist, as the transfer may fail or the tokens may become stuck. Be cautious of messages that offer support, airdrops or discounted USTB, since fraudsters often target holders of tokenized assets. Keep records of subscriptions, redemptions and balances for tax reporting, and consider professional tax advice.