Audit log

Every state-changing event for Invesco Short Duration US Government Securities Fund (USTB): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-07-22 17:21:51Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"a93ef814-830c-4ff8-8f6d-4ef0d1f1f41b","kind":"publish","page_slug":"invesco-short-duration-us-government-securities-fund-ustb","published_at":"2026-07-22T17:21:51.146Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Invesco Short Duration US Government Securities Fund (USTB)","sections":[{"content":"The Invesco Short Duration US Government Securities Fund, ticker USTB, is a tokenized private fund that invests in short-duration U.S. Treasury bills and government agency securities. The fund was created by Superstate, Inc., a tokenization infrastructure company founded by Robert Leshner, who also co-founded the DeFi lending protocol Compound Finance. USTB launched on the Ethereum blockchain in February 2024 as Superstate's first tokenized fund product. In March 2026, Invesco Ltd. (NYSE: IVZ), a global investment manager with over $200 billion in its liquidity team AUM, announced it would assume investment management responsibilities from Superstate. The transition, expected to complete in Q2 2026, resulted in the fund being renamed the Invesco Short Duration US Government Securities Fund while retaining the USTB ticker, existing smart contracts, and token addresses. Superstate continues to operate as the technology provider, managing onchain infrastructure, tokenized issuance, and digital transfer agency services.","heading":"Entity Overview","severity":"low","sources":[{"credibility":1,"name":"Invesco and Superstate Advance Institutional Tokenization Through USTB Partnership - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html"},{"credibility":2,"name":"Superstate Debuts Tokenized Short-Term Treasury Fund on Ethereum - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/01/superstate-debuts-tokenized-short-term-treasury-fund-on-ethereum-to-compete-for-zero-yield-stablecoins"},{"credibility":1,"name":"Invesco takes over Superstate's $900 million USTB T-bill fund - Fortune","type":"news_article","url":"https://fortune.com/2026/03/24/invesco-superstate-ustb/"}]},{"content":"USTB operates as a private Section 3(c)(7) fund, meaning it is exempt from registration under the Investment Company Act of 1940 and is not publicly traded on any exchange. Capital is raised under U.S. Securities Act Regulation D, Rule 506(c), which permits general solicitation to accredited investors and qualified purchasers without requiring full SEC registration of the offering. The fund is not open to retail investors; participation requires a minimum initial investment of $100,000 (subject to waiver) and allowlisting of the investor's wallet address. Subscriptions may be made via USD wire or USDC on supported blockchains, and redemptions are processed in USD or USDC on market days. NAV per share accrues continuously beginning from a starting price of $10.00; as of July 2026 the NAV per share was approximately $11.15. Underlying assets are held in custody by qualified custodians, specifically Anchorage Digital Bank National Association (a federally chartered bank regulated by the OCC) and BitGo (a New York state-chartered trust). The fund management fee is 0.15% annually. No SEC enforcement actions or CFTC investigations against USTB or its operators have been identified in public records.","heading":"Fund Structure and Regulatory Status","severity":"low","sources":[{"credibility":2,"name":"Invesco USTB - Superstate Documentation","type":"official","url":"https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb"},{"credibility":1,"name":"USTB - Invesco US Institutional Page","type":"official","url":"https://www.invesco.com/us/en/institutional/strategies/money-market-and-liquidity/ustb.html"},{"credibility":1,"name":"Invesco and Superstate USTB Partnership - Invesco Official Release","type":"official","url":"https://www.invesco.com/us-rest/contentdetail?contentId=e17441a5-aca9-4e00-a063-8ca1f74afef3&dnsName=us"}]},{"content":"USTB tokens are deployed on three blockchain networks: Ethereum (primary, ERC-20 at contract address 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e), Solana (Token-2022 standard), and Plume (ERC-20). As of July 2026, RWA.xyz data shows approximately 60.59 million tokens on Ethereum, 216,400 on Solana, and 402,000 on Plume. Token transfers are restricted to walletaddresses on an approved Allowlist, limiting composability and secondary market liquidity. The smart contracts have undergone multiple security audits by 0xmacro (formerly Macro Security). An audit conducted October 25-29, 2024 identified two lower-severity findings: an implicit assumption that the contract deployer is authorized in the USTB and USCC contracts (which was flagged as inconsistent with mainnet configurations), and an absence of upper-bound validation on NAV values in the SuperstateOracle's checkpoint function. A subsequent audit was completed on January 27, 2025. No critical vulnerabilities or funds-at-risk findings have been publicly disclosed. The underlying Treasury assets are held offchain with qualified custodians and are not directly accessible via the smart contracts, which reduces the onchain attack surface. No hacks, exploits, or security incidents involving USTB have been identified.","heading":"Blockchain Deployment and Smart Contract Security","severity":"low","sources":[{"credibility":2,"name":"Superstate Smart Contracts Documentation","type":"official","url":"https://docs.superstate.com/investors/smart-contracts"},{"credibility":2,"name":"0xmacro Superstate Audit - Audit 3","type":"research","url":"https://0xmacro.com/library/audits/superstate-3"},{"credibility":2,"name":"0xmacro Superstate Audit - Audit 5","type":"research","url":"https://0xmacro.com/library/audits/superstate-5"},{"credibility":2,"name":"USTB Token on Etherscan","type":"on_chain","url":"https://etherscan.io/token/0x43415eb6ff9db7e26a15b704e7a3edce97d31c4e"},{"credibility":2,"name":"Superstate Security Overview","type":"official","url":"https://docs.superstate.com/welcome-to-superstate/security"}]},{"content":"At launch in February 2024, USTB held approximately $10 million seeded from early investors. Growth was steady; by late 2025 the fund approached $967 million AUM according to the March 2026 Invesco-Superstate press release. As of July 22, 2026, RWA.xyz reported AUM of approximately $682 million, ranking USTB among the top five tokenized U.S. Treasury funds globally. Competing products include BlackRock's BUIDL (the market leader), Franklin Templeton's BENJI, Ondo Finance's OUSG, and Circle's USYC. CoinGecko ranked USTB approximately 81st by market cap across all crypto assets as of July 2026. Over 150 institutional investors have onboarded since inception, and the fund has processed billions of dollars in cumulative transaction volume. The 7-day APY as of July 22, 2026 was approximately 1.49% and the 30-day APY was approximately 3.30%, reflecting current short-term U.S. interest rate conditions. Monthly active on-chain addresses numbered 29 as of the same date, reflecting the institutional and non-retail nature of the investor base.","heading":"Assets Under Management and Market Position","severity":"low","sources":[{"credibility":2,"name":"RWA.xyz - USTB Asset Page","type":"research","url":"https://app.rwa.xyz/assets/USTB"},{"credibility":1,"name":"Invesco and Superstate USTB Partnership Press Release - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html"},{"credibility":2,"name":"CoinGecko - Invesco Short Duration US Government Securities Fund","type":"research","url":"https://www.coingecko.com/en/coins/invesco-short-duration-us-government-securities-fund"}]},{"content":"Superstate, Inc. was founded by Robert Leshner, who previously co-founded Compound Finance, one of the earliest and largest DeFi lending protocols. Superstate was incorporated in 2022 and raised a $4 million seed round in 2023 led by ParaFi Capital, 1kx, Cumberland, CoinFund, and Distributed Global, followed by a $14 million Series A. In January 2026, Superstate closed an $82.5 million Series B led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk, 1kx, and others. The Series B brought total fundraising to over $100 million and was announced alongside plans to expand into onchain equity issuance. Invesco Ltd. (NYSE: IVZ) is a publicly traded global asset manager headquartered in Atlanta, Georgia, with approximately $1.8 trillion in total AUM as of recent filings. Invesco has been building digital asset capabilities since 2019 according to company statements. Kathleen Wrynn serves as Invesco's Global Head of Digital Assets and Laurie Brignac as Chief Investment Officer of the Global Liquidity team. No fraud allegations, enforcement actions, or adverse regulatory history specific to USTB or its operators have been identified in public records as of July 2026.","heading":"Operator Background: Superstate and Invesco","severity":"low","sources":[{"credibility":2,"name":"Superstate Raises $82.5M Series B - The Block","type":"news_article","url":"https://www.theblock.co/post/386690/superstate-raises-82-5-million-usd-series-b-funding-round"},{"credibility":2,"name":"Tokenization Firm Superstate Gets $14M Investment - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/15/tokenization-firm-superstate-gets-14m-investment-to-bring-traditional-funds-on-chain"},{"credibility":1,"name":"Invesco takes over Superstate's $900 million USTB T-bill fund - Fortune","type":"news_article","url":"https://fortune.com/2026/03/24/invesco-superstate-ustb/"},{"credibility":1,"name":"Invesco to manage Superstate's tokenized USTB fund - American Banker","type":"news_article","url":"https://www.americanbanker.com/news/invesco-to-manage-superstates-tokenized-ustb-fund"}]},{"content":"Several structural risks apply to USTB as with all tokenized real-world asset funds. First, smart contract risk: the token layer introduces potential code vulnerabilities, oracle manipulation, or operational failure independent of the underlying Treasury assets. Although audits have been conducted and no critical findings disclosed, smart contract risk cannot be fully eliminated. Second, custodian and counterparty risk: if Anchorage Digital or BitGo were to become insolvent or operationally impaired, delays or losses in accessing underlying assets could result, as USTB assets are not FDIC-insured in the conventional sense. Third, regulatory risk: USTB operates under a Reg D exemption and is not SEC-registered; shifts in regulatory interpretation of tokenized securities or changes to the 3(c)(7) framework could affect the fund's operational continuity or investor access. Fourth, liquidity risk: redemptions are processed only on U.S. market days; the Allowlist requirement restricts secondary market transferability, meaning USTB is not freely traded on open exchanges. Fifth, interest rate risk: as a short-duration Treasury fund, NAV is sensitive to changes in the federal funds rate. The 7-day APY declining to 1.49% in July 2026 reflects this exposure. Sixth, blockchain infrastructure risk: reliance on Ethereum, Solana, and Plume introduces network-level risks including congestion, forks, and chain-specific failures. None of these risks have materialized into adverse events for USTB investors as of the investigation date.","heading":"Key Risks","severity":"medium","sources":[{"credibility":2,"name":"Superstate USTB Asset Page - Risk Disclosures","type":"official","url":"https://superstate.com/assets/ustb"},{"credibility":2,"name":"Tokenized Treasury Funds Securities Compliance Framework 2026 - Astraea Counsel","type":"research","url":"https://astraea.law/insights/tokenized-treasury-funds-securities-compliance-2026"},{"credibility":2,"name":"RWA.xyz - USTB Asset Page","type":"research","url":"https://app.rwa.xyz/assets/USTB"}]},{"content":"No fraud allegations, scam reports, rug pull incidents, or unauthorized fund movements have been identified in any public source for USTB or its operators, Superstate or Invesco, as of July 2026. The fund is backed by short-duration U.S. Treasury securities held with regulated, federally chartered custodians. Invesco is a NYSE-listed public company subject to SEC disclosure requirements. Superstate has raised over $100 million from institutional venture investors and is subject to ongoing regulatory oversight as a transfer agent and fund operator. USTB does not exhibit characteristics commonly associated with crypto fraud: there is no anonymous team, no yield promised beyond risk-free Treasury rates, no unlocked treasury tokens, no evidence of wash trading, and no history of deceptive marketing. Caution is warranted only in the context of the general risks applicable to tokenized private funds, as discussed in the Key Risks section.","heading":"Fraud and Scam Assessment","severity":"low","sources":[{"credibility":1,"name":"Invesco and Superstate USTB Partnership - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html"},{"credibility":1,"name":"Invesco to manage Superstate's tokenized USTB fund - American Banker","type":"news_article","url":"https://www.americanbanker.com/news/invesco-to-manage-superstates-tokenized-ustb-fund"}]}],"sources_used":[{"credibility":1,"name":"Invesco and Superstate USTB Partnership - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html"},{"credibility":1,"name":"Invesco takes over Superstate's $900 million USTB T-bill fund - Fortune","type":"news_article","url":"https://fortune.com/2026/03/24/invesco-superstate-ustb/"},{"credibility":1,"name":"Invesco to manage Superstate's tokenized USTB fund - American Banker","type":"news_article","url":"https://www.americanbanker.com/news/invesco-to-manage-superstates-tokenized-ustb-fund"},{"credibility":1,"name":"Invesco and Superstate USTB Partnership - Nasdaq","type":"news_article","url":"https://www.nasdaq.com/press-release/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership"},{"credibility":1,"name":"Invesco USTB Official Institutional Page","type":"official","url":"https://www.invesco.com/us/en/institutional/strategies/money-market-and-liquidity/ustb.html"},{"credibility":1,"name":"Invesco Official Press Release","type":"official","url":"https://www.invesco.com/us-rest/contentdetail?contentId=e17441a5-aca9-4e00-a063-8ca1f74afef3&dnsName=us"},{"credibility":2,"name":"Superstate USTB Asset Page","type":"official","url":"https://superstate.com/assets/ustb"},{"credibility":2,"name":"Superstate USTB Documentation","type":"official","url":"https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb"},{"credibility":2,"name":"Superstate Security Documentation","type":"official","url":"https://docs.superstate.com/welcome-to-superstate/security"},{"credibility":2,"name":"RWA.xyz USTB Asset Page","type":"research","url":"https://app.rwa.xyz/assets/USTB"},{"credibility":2,"name":"CoinGecko - Invesco Short Duration US Government Securities Fund","type":"research","url":"https://www.coingecko.com/en/coins/invesco-short-duration-us-government-securities-fund"},{"credibility":2,"name":"Superstate Debuts Tokenized Treasury Fund - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/01/superstate-debuts-tokenized-short-term-treasury-fund-on-ethereum-to-compete-for-zero-yield-stablecoins"},{"credibility":2,"name":"Superstate Raises $82.5M Series B - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/01/22/tokenization-firm-superstate-raises-usd82-5-million-to-bring-wall-street-onchain"},{"credibility":2,"name":"Superstate Raises $82.5M Series B - The Block","type":"news_article","url":"https://www.theblock.co/post/386690/superstate-raises-82-5-million-usd-series-b-funding-round"},{"credibility":2,"name":"Robert Leshner Superstate Ethereum Tokenized Fund - The Block","type":"news_article","url":"https://www.theblock.co/post/275554/robert-leshner-superstate-ethereum-tokenized-fund-ustb"},{"credibility":2,"name":"Tokenization Firm Superstate $14M Series A - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/15/tokenization-firm-superstate-gets-14m-investment-to-bring-traditional-funds-on-chain"},{"credibility":2,"name":"0xmacro Superstate Audit 3","type":"research","url":"https://0xmacro.com/library/audits/superstate-3"},{"credibility":2,"name":"0xmacro Superstate Audit 5","type":"research","url":"https://0xmacro.com/library/audits/superstate-5"},{"credibility":2,"name":"USTB Token on Etherscan","type":"on_chain","url":"https://etherscan.io/token/0x43415eb6ff9db7e26a15b704e7a3edce97d31c4e"},{"credibility":2,"name":"USTB GitHub Repository - superstateinc","type":"official","url":"https://github.com/superstateinc/ustb"},{"credibility":2,"name":"Tokenized Treasury Funds Securities Compliance 2026 - Astraea Counsel","type":"research","url":"https://astraea.law/insights/tokenized-treasury-funds-securities-compliance-2026"},{"credibility":2,"name":"Superstate $82.5M Series B - Superstate Official","type":"official","url":"https://superstate.com/newsroom/superstate-raises-82.5m-series-b-financing"},{"credibility":2,"name":"Continuous Pricing for USTB - The Block","type":"news_article","url":"https://www.theblock.co/post/323995/robert-leshners-superstate-introduces-real-time-continuous-pricing-for-ustb-tokenized-treasurys-fund"},{"credibility":2,"name":"Superstate Raises $82.5M Series B - Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/superstate-raises-82-5m-series-b-for-tokenized-securities-platform/"}],"summary":"USTB is a tokenized short-duration U.S. Treasury fund originally launched by Superstate in February 2024 and transitioned to Invesco Advisers, Inc. as investment manager in mid-2026. As of July 2026, the fund holds approximately $682 million in AUM, is deployed on Ethereum, Solana, and Plume, and is restricted to accredited investors and qualified purchasers. It operates as a private Section 3(c)(7) fund under a Regulation D Rule 506(c) exemption and has no record of regulatory enforcement actions, fraud allegations, or security incidents.","timeline":[{"date":"2022-01-01","event":"Robert Leshner, founder of Compound Finance, incorporates Superstate with the stated mission of bridging traditional finance and blockchain through regulated investment products.","source":"Blockchain.news / Yahoo Finance","source_url":"https://finance.yahoo.com/news/compound-founder-forms-superstate-create-203526151.html"},{"date":"2023-06-01","event":"Superstate raises approximately $4 million seed round led by ParaFi Capital, 1kx, Cumberland, CoinFund, and Distributed Global.","source":"Unchained Crypto","source_url":"https://unchainedcrypto.com/superstate-14m-seriesa-round/"},{"date":"2023-11-15","event":"Superstate closes $14 million Series A funding round led by Distributed Global and CoinFund to advance tokenized fund infrastructure.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/11/15/tokenization-firm-superstate-gets-14m-investment-to-bring-traditional-funds-on-chain"},{"date":"2024-02-01","event":"Superstate launches the USTB tokenized short-duration U.S. Treasury fund on Ethereum with approximately $10 million in seed capital. The fund targets institutional investors seeking on-chain yield in line with the federal funds rate.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/02/01/superstate-debuts-tokenized-short-term-treasury-fund-on-ethereum-to-compete-for-zero-yield-stablecoins"},{"date":"2024-10-25","event":"0xmacro (Macro Security) completes a smart contract security audit of Superstate's Solidity contracts, identifying minor findings including a deployment script authorization assumption and missing upper-bound NAV validation in the oracle contract.","source":"0xmacro Audit Library","source_url":"https://0xmacro.com/library/audits/superstate-3"},{"date":"2024-10-01","event":"Superstate introduces real-time 'continuous pricing' for USTB, dynamically updating NAV per share to allow holders to experience near-instant interest accrual.","source":"The Block","source_url":"https://www.theblock.co/post/323995/robert-leshners-superstate-introduces-real-time-continuous-pricing-for-ustb-tokenized-treasurys-fund"},{"date":"2025-01-27","event":"0xmacro completes a subsequent security audit of Superstate smart contracts. No critical vulnerabilities publicly disclosed.","source":"0xmacro Audit Library","source_url":"https://0xmacro.com/library/audits/superstate-5"},{"date":"2026-01-22","event":"Superstate raises $82.5 million in a Series B round led by Bain Capital Crypto and Distributed Global, bringing total fundraising to over $100 million and AUM past $1.2 billion.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2026/01/22/tokenization-firm-superstate-raises-usd82-5-million-to-bring-wall-street-onchain"},{"date":"2026-03-24","event":"Invesco Ltd. and Superstate announce that Invesco Advisers, Inc. will assume investment management responsibilities for USTB, expected to close in Q2 2026. The fund is renamed the Invesco Short Duration US Government Securities Fund while retaining its USTB ticker and existing smart contract infrastructure.","source":"PR Newswire / Fortune","source_url":"https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html"},{"date":"2026-07-22","event":"As of this investigation date, USTB reports approximately $682 million AUM across Ethereum, Solana, and Plume, with 103 token-holding addresses, a NAV per share of approximately $11.15, and a 30-day APY of approximately 3.30%.","source":"RWA.xyz","source_url":"https://app.rwa.xyz/assets/USTB"}]},"v":1}

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