According to TechFlow, blockchain asset management company Superstate said in a press release that it has launched its first tokenized U.S. Treasury fund product on Ethereum. Superstate created its own private fund to directly hold short-term Treasury bills and aims for returns consistent with the federal funds rate. Investors can make deposits in U.S. dollars or Circle's USDC stablecoins and receive USTB tokens representing their investment in the fund. Users can self-custody tokens or choose custody services from Superstate partners Anchorage Digital and BitGo.
Robert Leshner, founder and CEO of Superstate, said that the USTB token is designed to provide an alternative to stablecoins for US institutional investors (venture capital funds, hedge funds, digital asset companies) to store their on-chain cash on the chain and earn returns. Previously, Superstate announced the completion of a $14 million Series A financing round, led by Distributed Global and CoinFund, with participation from several investment companies.