Superstate

On-chain AUM$623.71m

Platform totals

Live assets3

Chains4

Est. annual revenue$831,174.18

DeFi TVL$145.89m

DeFi TVL / AUM23.39%

Confirmed attestations3 / 3

Primary accessPermissioned (2)

Totals for filtered assets

$554.1m

$623.7m

$145.89m

Assets Rankings

1d7d1m

Name		Marketcap			DeFi			Flows
Name
Superstate3 assets		$554.1m	$623.7m	-4.55%	$145.89m	26.33%	-7.14%

About Superstate

Superstate is a blockchain-based platform providing infrastructure for tokenization and on-chain financial services. It enables users to access and trade diverse digital assets through decentralized protocols.

T-BillsBond & MMF FundsPermissionless

Website Docs Protocol page

Profile

Founded: 2023
Headquarters: New York, USA
Primary chain: Ethereum
Parent platform: Superstate
Issuer: Superstate Trust – Superstate USTB Money Market Fund

Economics & revenue

Holder total fee15 bps

Asset manager take15 bps

Tokenization platform take0 bps

Performance fee0%

Mint fee0 bps

Redemption fee0 bps

Underlying fund expense15 bps

Float incomeNo

Revenue confidenceIssuer-Disclosed

Fees last verified2026-07-09

Attestations & milestones

Attestation frequency: Daily / Weekly
Last attestation: Daily NAV (USTB) + Weekly (USCC)

2026-06Bitwise takeover of USCC completed as the Bitwise Crypto Carry Fund
2026-03Invesco announced as investment manager of USTB
2025-05Opening Bell launched bringing SEC registered public equities onchain
2024-07USCC launched
2024-02USTB launched
2023-06first SEC filing and seed round

Revenue methodology & documents

Revenue model: Management Fee

USTB charges up to 15 bps with a 10 bps monthly rebate on average daily holdings above 25 million dollars, with no performance fee. USCC charges 75 bps. After the Invesco and Bitwise transitions headline fees accrue to the external managers with Superstate earning undisclosed infrastructure and transfer agency fees via FundOS.

Issuer registry, regulation & leadership

Founders and leadership

Robert Leshner — Co-Founder, CEO Jim Hiltner — Co-Founder

Issuer registry

Superstate, Inc. (Delaware C-corp; SEC-registered investment adviser). Founded 2023 by Robert Leshner (Compound founder), Reeve Collins, Jim Hiltner. Issues USTB (Short-Duration US Government Securities Fund) and USCC (Crypto Carry Fund, basis-trade) — both registered 1940-Act-equivalent feeders distributed onchain. $250M+ combined AUM.

Regulatory status

Superstate Advisers LLC is a registered investment adviser and Superstate Services LLC is an SEC registered transfer agent. The funds are private Delaware Statutory Trust series offered under Reg D to accredited investors and qualified purchasers. As of 2026 Invesco Advisers manages USTB and Bitwise manages USCC, with Superstate as sub advisor and transfer agent for both.

Entity structure

Superstate Inc. is the parent with Superstate Advisers LLC as RIA and Superstate Services LLC as SEC registered transfer agent. Funds are Delaware Statutory Trust series held as tokens on Ethereum, Solana, and Plume or in book entry form. Superstate has shifted toward FundOS infrastructure, delegating USTB to Invesco and USCC to Bitwise.

Issuer source