Invesco is preparing to launch a tokenized money market fund purpose-built for stablecoin reserve management, joining a growing race among Wall Street asset managers to capture the cash backing digital dollars.
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Invesco files for tokenized stablecoin reserve fund with $2.5T AUM
Invesco, the $2.45 trillion asset manager, filed with the SEC to launch a tokenized money market fund designed exclusively for stablecoin issuers to hold compliant reserves, the latest sign that Wall Street's largest firms are racing to capture the cash behind digital dollars.
The Invesco Stablecoin Reserves Onchain Fund will invest in cash and short-term U.S. Treasury securities, maintaining a $1 net asset value, according to a post-effective amendment filed June 24. The portfolio aligns with reserve requirements under the GENIUS Act, the federal framework for payment stablecoins passed last summer.
"The fund is designed to meet the reserve requirements of the GENIUS Act, which clarified the types of assets stablecoin issuers can hold against circulating tokens," the filing states. Tokenization specialist Superstate will serve as sub-transfer agent, maintaining a blockchain-integrated shareholder registry with on-chain tokens representing ownership on a public blockchain, though the network has not yet been named.
The filing builds on Invesco's existing relationship with Superstate. In March, Invesco took over day-to-day portfolio management of Superstate's roughly $900 million tokenized U.S. Treasury fund, becoming the first third-party asset manager to use Superstate's blockchain-based FundOS platform. The new fund is expected to become effective about 60 days after the June 24 filing.
Invesco joins a crowded field. State Street launched a GENIUS-compliant money market fund for stablecoin issuers last week, following similar offerings from BlackRock, Morgan Stanley, BNY, JPMorgan and Goldman Sachs. The race reflects a market opportunity that Citigroup projects could reach $4 trillion by 2030, up from roughly $300 billion today.
The stablecoin reserve model marks a shift in how tokenization is being deployed. Early tokenized money market funds, including BlackRock's BUIDL and Franklin Templeton's BENJI, showed fund shares could be recorded on blockchain rails while maintaining a stable $1 NAV. Newer products are designed specifically around stablecoin issuers and the reserve rules they must follow under the GENIUS Act.
For stablecoin issuers, the fund offers a compliant, yield-bearing vehicle to park reserves without building bespoke Treasury management systems. For Invesco, it represents a chance to embed itself in the operational infrastructure of the stablecoin economy — managing the daily plumbing of token issuance, redemption, liquidity management and regulatory reporting.
The main question is how much reserve activity will move into tokenized money market funds rather than remain in direct Treasury holdings, bank deposits or repo arrangements. The answer will depend on fees, liquidity terms, regulatory treatment and the willingness of issuers to rely on external fund managers. For now, the direction is clear: stablecoin reserve management is becoming a bridge between traditional money markets and tokenized finance.
This article is for informational purposes only and does not constitute investment advice.
[1] Invesco, $2.5T asset manager, files for tokenized fund targeting stablecoin reserves[2] Invesco Plans Onchain Money Market Fund for Stablecoin Reserves[3] Invesco files with SEC to launch stablecoin reserves onchain fund - Crypto Briefing[4] Trillion-dollar asset manager Invesco looks to plant a flag in tokenized stablecoin reserve sector - The Block
