Invesco, the $2.5 trillion asset management giant, has filed for a tokenized money market fund specifically designed to serve as a reserve vehicle for stablecoin issuers. The filing, made public on Thursday, deepens Invesco's blockchain push after it took over Superstate's tokenized money market fund as fund manager earlier this year.
The proposed fund would have its shares recorded directly on public blockchains, a structural shift from traditional fund administration. Superstate is named as sub-transfer agent in the filing, leveraging the rails the firm built for its own tokenized products. The move targets the growing demand for yield-bearing, regulated instruments that stablecoin issuers can hold as reserves.
The filing comes under the regulatory framework of the GENIUS Act, a bipartisan U.S. bill that establishes federal standards for stablecoin reserves and requires issuers to back tokens with high-quality liquid assets. By filing under this regime, Invesco is positioning its fund as compliant with impending federal oversight of the stablecoin market.
Tokenized money market funds have gained traction as traditional finance seeks to capture on-chain liquidity. Invesco's entry, with its scale and brand, could accelerate institutional adoption of blockchain-based fund administration. However, the sector remains nascent, with total assets across tokenized treasury products still a fraction of the broader $6 trillion money market fund industry.
The filing signals that major asset managers view stablecoin reserves as a viable growth channel, though regulatory uncertainty and market fragmentation pose risks. Competitors like BlackRock have also explored tokenized funds, but Invesco's specific targeting of the stablecoin reserve niche differentiates this offering.