Invesco, one of the largest investment managers on the planet, just filed with the SEC to create a fund purpose-built to sit behind stablecoins. The Invesco Stablecoin Reserves Onchain Fund would invest in cash and short-term US Treasuries, maintain a $1.00 net asset value, and record its shares on public blockchains.

What Invesco is actually building

The filing, a post-effective amendment on Form N-1A submitted on June 24, is designed to slot the new fund into Invesco’s existing Short-Term Investments Trust as a new series. The fund is expected to become effective 60 days after submission.

The portfolio will consist of high-quality, short-term US assets, primarily Treasuries and cash equivalents. The target is a stable $1.00 NAV, which is exactly what you’d want if your fund’s entire purpose is to serve as the reserve backing for a payment stablecoin.

Shares of the fund will be tokenized and recorded on designated public blockchains. Superstate, which has an existing relationship with Invesco, will serve as the sub-transfer agent handling the tokenization process. Invesco and Superstate previously partnered on the USTB fund, which has accumulated roughly $900 million to $967 million in assets under management.

The GENIUS Act connection

The filing is explicitly designed to meet the reserve requirements of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and requires issuers to back their tokens with high-quality liquid assets. A fund like Invesco’s would give stablecoin issuers a compliant, yield-bearing vehicle to park their reserves in, rather than having to manage their own Treasury portfolios.

The daily liquidity feature is also worth noting. Stablecoin issuers need to process redemptions quickly, and Invesco appears to have designed the fund with that operational reality in mind.

A crowded race to tokenize

Invesco isn’t operating in a vacuum. The broader trend of traditional asset managers launching tokenized money market funds has accelerated sharply in 2026. Morgan Stanley and other major financial institutions have also moved to launch similar products.

For Invesco specifically, the move leverages its scale — managing $2.45 trillion in assets — and its existing relationship with Superstate, established through a March 2026 collaboration announcement in which Invesco took over management of Superstate’s tokenized USTB fund and implemented Superstate’s digital transfer agent technology.

What this means for investors

For stablecoin issuers, a fund like this could become essential infrastructure. Instead of building bespoke reserve management systems, they could outsource that function to Invesco, gaining both yield and regulatory cover in the process.

The risk side of the equation centers on regulatory execution. The fund’s entire value proposition depends on the GENIUS Act’s reserve requirements holding up as written. There’s also the question of blockchain risk: tokenizing fund shares on public blockchains introduces smart contract and network reliability considerations that traditional money market funds don’t face.