USTBTokenized Treasury

Superstate Short Duration US Government Securities Fund

AUM: $445M
30D change: -21.3%
Yield · 30-day net: 4.11%
NAV: 11.2756
Management fees: 0.15%
Minimum: $100K
Redemption: Daily
Launched: 27 Feb 2024

Depends onSuperstate Opening Bell Anchorage Digital Bank Anchorage Digital Qualified Custody Chainlink Proof of Reserve & NAVLink

Field coverage 96%Primary-source or on-chain verified 33% of tracked metrics2/2 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

A US fund that treats the blockchain as its official books-and-records layer rather than a mirror of an off-chain register — the strongest legal claim to genuine on-chain ownership in the US cohort.

Underlying asset: Short-duration US Treasury securities
Asset class: Tokenized Treasury
Product structure: Tokenized Fund
Legal structure: US Reg D / 3(c)(7) Fund
Issuer jurisdiction: United States
Fund domicile: United States (Delaware)
Base currency: USD
Launched: 27 Feb 2024

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


USDY	4.25%	0.50%	$500	$1.32B
USYC2	5.20%	0.00%	$100K	$1.2B
BUIDL	4.16%	0.50%	$5M	$1.1B
USD0PP	5.42%	0.00%	$1	$500.7M
USTB2	5.00%	0.15%	$100K	$500M
USTBthis product	4.11%	0.15%	$100K	$445M
OUSG	4.04%	0.15%	$100K	$315.9M

Issuer

Who runs it

Superstate

New York, United States

SEC-registered investment adviser running short-duration government funds where the blockchain is the official books-and-records layer rather than a mirror of an off-chain register.

Portfolio

Composition

US Treasury bills71.2%
US Treasury notes24.4%
Cash4.4%

Weighted average maturity

27 days

On-chain history begins 13 Sept 2026 and covers 60 days of readings, with gaps on days the indexer could not read every chain.

AUM

$445M

Assets under management

-21.3% over 60 days held

Yield

4.11%

Yield history. 30-day net

No on-chain history recorded for this series yet.

NAV

11.2756

NAV per token

No on-chain history recorded for this series yet.

Movement

Recent daily movement

Net movement -$120.7MOver 60 daysChange -21.3%


13 Nov 2026	$445M	$1.7M	+0.4%
12 Nov 2026	$443.4M	$1.4M	+0.3%
11 Nov 2026	$442M	$3.8M	+0.9%
10 Nov 2026	$438.2M	-$725.8K	-0.2%
09 Nov 2026	$439M	$216.6K	+0.0%
08 Nov 2026	$438.7M	-$451.3K	-0.1%
07 Nov 2026	$439.2M	$5.8M	+1.3%
06 Nov 2026	$433.4M	$7.8M	+1.8%
05 Nov 2026	$425.6M	$8.6M	+2.1%
04 Nov 2026	$417M	-$2.4M	-0.6%

Holdings

Disclosure

Underlying portfolio


US Treasury bills	Treasury bills	0–3 months	71.2%
US Treasury notes	Treasury notes	3–12 months	24.4%
Cash	Cash & equivalents	-	4.4%

Exposure

What you actually own

Economic exposure is to short-duration us treasury securities. Weighted average maturity is 27 days, which sets how quickly the portfolio reprices as rates move.

Treasury bills: 71.2%
Treasury notes: 24.4%
Cash & equivalents: 4.4%

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 15:00 ET, business days
Settlement: T+0 USD wire; T+0 to USDC
Redemption fee: None
Secondary venues: None disclosed
Transfer restrictions: Transfers restricted to qualified purchasers on the fund's allow-list.

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+0 USD wire; T+0 to USDC

Off-hours exit

Constrained to 15:00 ET, business days

Secondary market

No secondary venue: primary redemption is the only exit

Transferability

Allow-listed wallets only

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued bySuperstateNew York, United Statesderived Administered byNAV Fund AdministrationChicago, United Statesderived Transfer agent of recordSuperstateNew York, United Statesderived

Custody

Where the backing assets actually sit.

Custodied byAnchorage Digital BankSan Francisco, United Statesderived Custodied byAnchorage Digital Qualified CustodyAnchorage Digital Bankderived

Platform & data

The software and price sources the product runs on.

Utilizes platformSuperstate Opening BellSuperstatederived Price feed powered byChainlink Proof of Reserve & NAVLinkChainlink Labsderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived Deployed onSolanapublic l1 · 0% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0x43415eB6ff…97d31C4e	100.0%
Solana	public l1	CCz3SGVziFeL…BYsVcjo2	0.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Anchorage Digital Bank· San Francisco, United States
Administrator: NAV Fund Administration· Chicago, United States
Transfer agent: Superstate· New York, United States
Tokenization platform: Superstate· New York, United States
Oracle / attestation: Superstate NAV publication

Access

Classification

Who may hold this

RetailNot eligible

AccreditedNot eligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $100,000
Allow-list required: Yes
Transfer restrictions: Transfers restricted to qualified purchasers on the fund's allow-list.

Geography

Where it is available

United StatesAvailable

European UnionNot available

SingaporeNot available

United KingdomNot available

SwitzerlandNot available

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

−European Union
−Singapore
−Retail investors

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: US Reg D / 3(c)(7) Fund
Product structure: Tokenized Fund
Fund domicile: United States (Delaware)
Issuer jurisdiction: United States
Transfer agent: Superstate

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

USTB Private Placement Memorandumoffering memo · 14 Feb 2026Parsed & verified↗Daily NAV and Holdings Filefactsheet · 29 Aug 2026Parsed & verified↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

Net movement -$120.7MOver 60 daysChange -21.3%


13 Nov 2026	$445M	$1.7M	+0.4%
12 Nov 2026	$443.4M	$1.4M	+0.3%
11 Nov 2026	$442M	$3.8M	+0.9%
10 Nov 2026	$438.2M	-$725.8K	-0.2%
09 Nov 2026	$439M	$216.6K	+0.0%
08 Nov 2026	$438.7M	-$451.3K	-0.1%
07 Nov 2026	$439.2M	$5.8M	+1.3%
06 Nov 2026	$433.4M	$7.8M	+1.8%
05 Nov 2026	$425.6M	$8.6M	+2.1%
04 Nov 2026	$417M	-$2.4M	-0.6%
03 Nov 2026	$419.4M	-$15.2M	-3.5%
02 Nov 2026	$434.6M	$813.5K	+0.2%
01 Nov 2026	$433.8M	$449.3K	+0.1%
31 Oct 2026	$433.4M	-$25.9M	-5.6%
30 Oct 2026	$459.3M	-$12.9M	-2.7%
29 Oct 2026	$472.2M	-$31M	-6.2%
28 Oct 2026	$503.2M	-$20.9M	-4.0%
27 Oct 2026	$524M	$1.7M	+0.3%
26 Oct 2026	$522.3M	$6.9K	+0.0%
25 Oct 2026	$522.3M	$104.6K	+0.0%
24 Oct 2026	$522.2M	-$8.9M	-1.7%
23 Oct 2026	$531.1M	-$40.1M	-7.0%
22 Oct 2026	$571.1M	-$8M	-1.4%
21 Oct 2026	$579.2M	-$9.9M	-1.7%
20 Oct 2026	$589.1M	-$17.2M	-2.8%
19 Oct 2026	$606.3M	-$169.5K	-0.0%
18 Oct 2026	$606.5M	$5M	+0.8%
17 Oct 2026	$601.5M	-$925.2K	-0.2%
16 Oct 2026	$602.4M	$103.6K	+0.0%
15 Oct 2026	$602.3M	-$20.8M	-3.3%
14 Oct 2026	$623.1M	-$160.9K	-0.0%
13 Oct 2026	$623.3M	$27.9M	+4.7%
12 Oct 2026	$595.3M	$1.4M	+0.2%
11 Oct 2026	$593.9M	$1.5M	+0.3%
10 Oct 2026	$592.5M	-$792.3K	-0.1%
09 Oct 2026	$593.3M	-$5.2M	-0.9%
08 Oct 2026	$598.5M	-$8.9M	-1.5%
07 Oct 2026	$607.4M	$46.9M	+8.4%
06 Oct 2026	$560.6M	$7.8M	+1.4%
05 Oct 2026	$552.7M	$446.5K	+0.1%
04 Oct 2026	$552.3M	-$208.4K	-0.0%
03 Oct 2026	$552.5M	-$3.5M	-0.6%
02 Oct 2026	$556.1M	-$14.4M	-2.5%
01 Oct 2026	$570.4M	-$2.9M	-0.5%
30 Sept 2026	$573.3M	-$850.8K	-0.1%
29 Sept 2026	$574.2M	$33.3M	+6.2%
28 Sept 2026	$540.9M	$2.3M	+0.4%
27 Sept 2026	$538.6M	$1.7M	+0.3%
26 Sept 2026	$536.9M	-$4.6M	-0.8%
25 Sept 2026	$541.5M	-$2.7M	-0.5%
24 Sept 2026	$544.2M	$5.7M	+1.1%
23 Sept 2026	$538.5M	$5.7M	+1.1%
22 Sept 2026	$532.8M	$14M	+2.7%
21 Sept 2026	$518.8M	$560.1K	+0.1%
20 Sept 2026	$518.2M	$27.4M	+5.6%
18 Sept 2026	$490.8M	-$6.4M	-1.3%
17 Sept 2026	$497.2M	-$21.9M	-4.2%
15 Sept 2026	$519.1M	-$46.2M	-8.2%
14 Sept 2026	$565.4M	-$367.1K	-0.1%
13 Sept 2026	$565.7M	-	-

Related intelligence

1 events reference this product

03 Nov 2026Market Structure

Bitwise To Take Over Superstate's $267M Tokenized Carry Fund - CoinMarketCap

Bitwise is taking over the management of Superstate's $267M tokenized carry fund, marking a major consolidation move in the tokenized treasury and carry fund asset management sector.

This acquisition consolidates institutional distribution power under Bitwise, signaling increasing market concentration in tokenized yield vehicles. For allocators, the transition tests operational continuity and asset stickiness during manager migration, establishing a precedent for M&A consolidation within specialized tokenized asset sectors.