Jan 29, 2026 in Research
Author: Matt Casto
When we invested in Superstate out of Fund III in 2023, our conviction was that crypto’s capital markets would undergo a transformative shift once institutional grade permissioned assets lived natively onchain. That thesis has played out clearly over the past two years. Following the close of its recent $82.5 million Series B, Superstate has surpassed $1.2 billion in onchain assets as of today, expanded beyond tokenized funds into public equities, and emerged as one of the most respected platforms for onchain capital formation.
From Single Product to Platform
Superstate began with a focused effort to modernize access to U.S. Treasuries. That initial product has since become the foundation for a broader, multi-line platform spanning fixed income, alternatives, and equities.
USTB: Tokenized Treasuries at Scale
Launched in January 2024, USTB provides onchain access to short-duration U.S. Treasury bills with daily liquidity and yields tied to the federal funds rate. USTB has scaled to over $821 million in assets as of today according to DeFiLlama, validating strong demand for compliant onchain cash equivalents. Over time, USTB has evolved into infrastructure, embedded and supported across stablecoins, DAO treasuries, foundations, and institutional workflows.
USCC: Onchain Crypto Yield, Institutionalized
Building on that success, Superstate launched USCC, a market-neutral crypto carry fund designed to capture cash-and-carry opportunities across BTC, ETH, XRP, and Sol without leverage. USCC quickly became one of the fastest-growing tokenized alternative funds, surpassing $400 million in assets as of today according to DeFiLlama. Together, USTB and USCC demonstrate how high-quality assets become more useful once they live onchain: composable, collateralizable, and globally accessible.
Opening Bell: Equity Markets, Rewritten
In 2025, Superstate expanded beyond funds with the launch of Opening Bell, a regulated platform for onchain public equity issuance.
This vision became tangible in September 2025, when Galaxy became the first Nasdaq-listed company to tokenize its shares on a public blockchain using Superstate as its SEC-registered transfer agent. These tokens represent real equity, including voting and dividend rights, with ownership updated onchain in real time. This milestone marked an important step toward programmable, always-on capital markets and positioned Superstate at the forefront of compliant equity tokenization.
Ultimately, Superstate’s role in unifying these distinct states transforms into a critical infrastructure layer. By ensuring the off-chain legal reality is perfectly mirrored onchain, they create the foundational rails necessary for legacy institutions to safely interact with decentralized finance.
Distribution as a Moat
A defining feature of Superstate’s execution has been its ability to embed directly into large, production-scale balance sheets.
Across DeFi and stablecoins, Frax approved both USTB and USCC as backing for frxUSD. Spark deployed $100 million into USCC, and after selecting Superstate through its Tokenization Grand Prix, also deployed into USTB. In 2025, Ethena, Mountain Protocol, and M^0 also integrated USTB into stablecoin reserves, while the Arbitrum Foundation allocated treasury assets into USTB. These are not pilots. They are live deployments that continuously route capital into Superstate’s products.
On the institutional side, Superstate partnered with Federated Hermes to sub-advise USTB, uses Anchorage Digital Bank for regulated crypto custody, relies on Circle’s USDC for fund flows, and publishes real-time NAV data onchain via Chainlink and Chronicle. The result is a stack that feels familiar to TradFi but operates with crypto-native transparency and speed.
Regulatory Focus as a Competitive Advantage
Another core part of our original thesis was that regulation would be a feature, not a constraint. Superstate has validated that view by leaning into a regulatory focus earlier and more deeply than peers.
By becoming an SEC-registered transfer agent, structuring products under appropriate exemptions, and engaging regulators proactively, Superstate unlocked partnerships and use cases that are inaccessible to less regulated issuers. This approach has made Superstate a trusted counterparty for institutions seeking onchain exposure without regulatory ambiguity.
Where We Are Today
In just over a year since its Series A, and now following its Series B, Superstate has launched two scaled tokenized funds, surpassed $1.2 billion, and brought public equities onchain in a compliant manner. Its products are embedded across stablecoins, DAOs, foundations, and institutional portfolios.
For us, this is a clear signal that the Fund III thesis that onchain markets would converge with traditional assets, rather than replace them, is playing out in real time. With fresh capital, growing adoption, and an expanding product surface, Superstate is well positioned to continue building the infrastructure that connects traditional assets with crypto-native capital markets.
Looking ahead, we have strong conviction that Superstate’s onchain products will become indispensable to institutional finance, adopted as a new standard for digital cash management in corporate and even sovereign treasuries, and listed across major investment platforms. As blockchain rails replace outdated post-trade systems, enabling 24/7 trading and near-instant settlement, Superstate is poised to define the next generation of market infrastructure. This ranges from tokenized cash management that moves at internet speed, to a transformed model for issuing and settling public equities onchain. Crucially, Superstate’s DeFi composability allows it to bridge traditional capital markets with crypto-native ecosystems, positioning the firm to lead this convergence and reinforcing our long-term conviction in its transformative potential.
For informational purposes only, nothing herein should be construed as investment advice nor an offering to buy or sell any security or investment. Views expressed by any individuals are solely those of the individual author or speaker and do not necessarily reflect the views of CMT Digital. Views and opinions are as of the date provided and subject to change without notice.
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