Owning USTB: Fund Access, Storage and Risks

USTB represents an interest in the Invesco Short Duration US Government Securities Fund, a private fund investing in short-duration U.S. Treasury and U.S. Agency securities. Holding it gives you exposure to that portfolio through a token; it is not a government-issued coin, a bank deposit, or a token whose value is designed to track one U.S. dollar. The fund targets the federal funds rate and seeks current income consistent with liquidity and stability of principal, but those goals are not guarantees.

The blockchain represents ownership and can support eligible on-chain transfers. It does not change what the fund holds or remove the rules that apply to fund investors. The fund calculates a daily net asset value (NAV), and accepted U.S. Qualified Purchasers can subscribe and redeem using USDC. If you are considering USTB, first check whether you qualify and understand the fund’s terms, redemption process, and risks.

USTB is not an unrestricted token for anyone to buy or transfer. The fund describes subscriptions and redemptions as available to accepted U.S. Qualified Purchasers. Its on-chain ownership and transfer process uses an allowlist, so a wallet generally needs to meet the fund’s eligibility and compliance requirements before it can hold or receive tokens.

That restriction matters if you are comparing USTB with freely transferable stablecoins or other crypto assets. Having a compatible wallet does not by itself make you eligible, and seeing a token on a blockchain does not mean you can subscribe, redeem, or send it to any address. Confirm eligibility, onboarding, and redemption conditions with the fund before planning to hold it. The fund’s stated access is for accepted U.S. Qualified Purchasers; do not assume that living in the United States alone is enough to qualify.

USTB is listed as issued on Ethereum, Plume Mainnet, and Solana. The fund’s description specifically identifies an Ethereum-based allowlist for on-chain ownership, transfers, and compliance. Check which network and token contract apply to the USTB you hold before depositing or sending it; tokens on different networks should not be assumed to be interchangeable or supported by the same fund processes.

The fund says investors may self-custody USTB in an address they choose, including an externally owned account (EOA), a multisig, or an MPC wallet. It also names Anchorage Digital Bank National Association and BitGo as custody options. Wallet support does not override the allowlist: an address must still be eligible to hold or receive the token. Keep access to your wallet secure, and verify the network and destination address carefully before any transfer. A mistaken or unsupported transfer can be difficult or impossible to reverse.

As of 2026-11-08, reported circulating and total supply were both about 56.98 million USTB, with no fixed maximum supply listed. This is a snapshot, not a permanent token limit. Fund subscriptions can add tokens as eligible investors enter, while redemptions can reduce tokens as investors exit, subject to the fund’s rules and processing.

The token’s value is tied to a fund interest, rather than to a programmed one-dollar peg. The fund calculates NAV daily, and changes in the value and income of its Treasury and agency holdings can affect that NAV. The fund targets the federal funds rate, but that target is not a promised return, and the token’s market price may not always match NAV. Supply figures alone do not tell you the fund’s current value, redemption timing, or what you could receive. Check the latest fund information and applicable terms rather than relying on an old token price or supply snapshot.

If you are eligible, the fund describes subscriptions and redemptions using USDC at the fund’s daily NAV. In practice, expect to complete the fund’s onboarding and compliance process and confirm that your wallet is allowlisted before a transaction. The precise steps, minimums, cut-off times, and redemption processing schedule are not specified here, so check the fund’s current terms rather than assuming an instant exchange or withdrawal.

For storage, you can use a supported self-custody wallet, such as an EOA, multisig, or MPC wallet, or use one of the named custodians, Anchorage Digital Bank National Association or BitGo. Self-custody means you are responsible for protecting keys and recovery arrangements. With a custodian, you rely on that provider’s account controls and custody procedures. In either case, verify that the specific wallet address and network can hold USTB under the fund’s allowlist and that you understand how redemptions work before committing funds.

The fund charges a 0.15% management fee. That is separate from the transaction costs you may face when using crypto rails. An on-chain transfer can require a network fee, and the amount depends on the network and conditions when you transact; no fixed USTB transfer fee is published. USDC transfers, wallet services, or custody may also have costs under the relevant provider’s terms.

Do not assume you can bridge USTB between Ethereum, Plume Mainnet, and Solana, or that doing so would preserve allowlist eligibility. Bridge support and any bridge charges are not specified. Before moving tokens, confirm that the destination network, token contract, and recipient address are supported by the fund. If a transfer is not permitted or arrives in an unsupported address, recovery may be difficult. For any planned subscription or redemption, check the current fund terms for applicable charges and timing; blockchain gas is only one part of the cost.

USTB carries both investment and operational risks. Short-duration government securities can still change in value, and the fund’s target rate and aim for principal stability are not guarantees. You also depend on the fund’s legal and administrative arrangements, its NAV calculation, and the ability to follow its subscription and redemption process. An allowlist can restrict transfers, while blockchain, wallet, or custody problems can interrupt access. Self-custody adds the risk of lost keys; using a custodian means relying on that provider.

The fund is managed by Superstate, with Federated Hermes as sub-advisor, and is a series of a Delaware Trust legally separate from Superstate. USTB is described as part of Superstate’s tokenization effort, but a launch date is not published in the facts here. Before holding it, read the current offering and redemption documents, confirm your eligibility, and consider whether a private fund with on-chain transfer restrictions suits your needs. Do not treat the token as a cash equivalent or insured deposit.