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About Superstate
Superstate is a blockchain-based fund platform that tokenizes traditional financial assets, with its flagship product being USTB, a short-term U.S. Treasury bond fund. The platform allows investors to hold tokenized government bonds on public blockchains like Ethereum and Solana, earning yields while maintaining the convenience of digital assets. Its core strength lies in combining the security of regulated financial products with the efficiency of blockchain, enabling 24/7 trading, instant settlement, and transparent on-chain records. This addresses the pain points of traditional bond funds, such as limited trading hours, slow settlement, and high intermediary costs. In the past six months (March to September 2026), Superstate has seen significant growth. In April 2026, Invesco announced it would take over the management of USTB, a move that validates the maturity of tokenized treasury products. The fund manages approximately $794 million in assets, making it one of the largest tokenized treasury products globally. Superstate continues to operate the blockchain infrastructure, including token issuance, on-chain settlement, and DeFi protocol integration. The platform also expanded its services to help SEC-registered companies issue digital shares directly to investors through its Opening Bell platform, further bridging traditional capital markets with on-chain systems.
Superstate completed an $82.5 million Series B round led by Bain Capital Crypto, establishing its role as an on-chain IPO platform. It later launched FundOS, a dedicated fund operating system for tokenized assets.
The company secured a Series B extension with Invesco Private Capital and introduced an on-chain direct issuance framework allowing stablecoin-based tokenized stock offerings. Bitwise’s assumption of its $267 million tokenized arbitrage fund further confirmed scale and institutional adoption.
Key progress:
In March 2026, Invesco partnered with Superstate, taking over management of the USTB fund and becoming the first asset manager to use Superstate's digital transfer agent infrastructure. USTB's AUM exceeded $967 million, and after the transition it was renamed the Invesco Short Duration US Government Securities Fund, retaining the same smart contracts and token address.
In April 2026, Superstate launched FundOS, opening its proven tokenization technology to other asset managers for private funds, mutual funds, and ETFs. FundOS already powers USTB and USCC with over $1 billion in combined AUM and is adopted by Invesco, offering real-time shareholder recordkeeping, compliant on-chain transfers, and DeFi integrations.
Future focus:
Continue scaling the FundOS ecosystem to attract more asset managers to on-chain capital, deepen collaboration with institutions like Invesco, drive full tokenization of funds and ETFs, and expand DeFi integrations and cross-chain support to make tokenization the mainstream recordkeeping standard.
Robert Leshner: Founder and CEO of Superstate. Previously co-founded Compound Labs. Venture investor at Robot Ventures, co-host of The Chopping Block podcast. Designed smart contracts such as Governor Bravo and the ERC-7246 standard. Holds a BA in Economics from UPenn and is a CFA charterholder. Former chair of the San Francisco Revenue Bond Oversight Committee.
Jim Hiltner: Co-founder and Head of Business Development. Previously led institutional sales and go-to-market at Compound Treasury, Pagaya, and Visible Alpha. Based in San Diego.
Dean Swennumson: Co-founder and Head of Operations. Previously worked in operations at Compound Treasury, private wealth management at Arlington Financial Advisors, and digital asset research at EY. Also served as portfolio manager at UCSB Investment Advisory Committee.
Alexander Zozos: General Counsel. Previously Associate General Counsel at Coinbase, Special Counsel at the SEC's Division of Trading and Markets, counsel at Lowenstein Sandler, and investment banking analyst at J.P. Morgan.
Superstate recently welcomed Sean Brown to the team in May 2026, taking on a Product role. He brings deep Web3 experience, having previously served as a Partner at Hack VC, Product Lead at UMA, and Blockchain specialist at IBM. His background in tokenized finance and infrastructure is expected to strengthen Superstate’s product strategy and drive onchain fund adoption. No departures were reported during this period.
Superstate focuses on tokenized government bond funds, and Brown’s product leadership could help bridge traditional asset management with crypto capital markets.