Issuer Intelligence Profile · RWA-006
superstate
Superstate USTB is a SEC-registered 40-Act fund offering tokenized exposure to short-term U.S. Treasury securities. Operating under registered investment adviser framework, Superstate provides institutional-grade treasury access with on-chain settlement capabilities. The fund utilizes BNY Mellon as primary custodian and implements AllowlistV3 compliance infrastructure for investor whitelisting. USTB has achieved over $1 billion in total value locked, positioning it among the largest regulated RWA treasury products. The structure enables daily liquidity with T+1 settlement while maintaining full SEC compliance and investor protection frameworks.
Issuer Identification
Issuer ID: RWA-006 | Legal Issuer: Superstate LLC | Parent: Superstate Holdings, LLC (Delaware) | Asset Class: TREASURY | Structure: SEC 40-Act Registered Investment Company; Tokenized Fund | Jurisdiction: United States | Launch: 2023 | Primary Chain: Ethereum | Investor Access: KYC/AML WHITELISTED | Regulatory: SEC REGISTERED INVESTMENT ADVISER; 40-ACT FUND | Transparency: HIGH DISCLOSURE
Issuer Overview
Market Positioning
Superstate USTB positions as a premium institutional treasury token with $1.1B+ AUM, ranking among top 3 tokenized treasury products alongside Franklin OnChain US Government Money Fund (FOBXX) and BlackRock USD Institutional Digital Liquidity Fund (BUIDL). Differentiates through SEC 40-Act registered fund structure versus trust-based competitors, providing traditional fund investor protections. Targets institutional DeFi protocols and corporate treasuries through direct institutional sales and integration partnerships with platforms like Compound, Aave. BNY Mellon custody arrangement signals institutional-grade infrastructure. AllowlistV3 compliance system balances institutional access with regulatory requirements. Primary competitive advantage is regulatory clarity and traditional fund governance structure, appealing to institutions requiring familiar regulatory frameworks over newer trust structures used by competitors like Mountain Protocol (USDM).