Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

Invesco Short Duration US Government Securities Fund

Tokenized private fund (formerly the Superstate Short Duration US Government Securities Fund) that holds short-term US Treasury bills. Interest accrues into a rising NAV per share, which started at $10.

U.S. TreasuriesQualified purchasers onlyTransfer-restrictedOnchain dataIssued by Invesco Advisers, Inc. · Platform Superstate
Value
$468.5M
Stage
Stage 0
Disclosed
Single-key powers
11
Single key holds critical power
Oracle age
7h 12m
On schedule
Used as DeFi collateral
$6.1M· 1 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Green. Short-dated government debt. No private borrower can cause a loss.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Green. Independent, regulated custodian and administrator, a recognized auditor, and no single point of failure.Control: Red. A single key can replace the contract code.Transparency: Green. Independently sourced, position-level data, refreshed at a pace that fits the asset, and verifiable.Pricing: Red. A single key types in the onchain price (manual pricing).Exit: Unverified · at least yellow. The terms for suspending redemptions aren't public.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 17 in total.

  1. A single key can replace the contract code.

    Control

  2. A single key types in the onchain price (manual pricing).

    Pricing

  3. A single key can create new tokens.

    Control

  4. Consumers can't tell from the feed when the price is stale.

    Pricing

  5. The terms for suspending redemptions aren't public.

    Exit

  6. Any daily redemption cap isn't public.

    Exit

+11 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Stage 0 · Disclosed

How much holders have to trust the issuer. Each stage builds on the last.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
Series of a Delaware statutory trust (Superstate Asset Trust)
Jurisdiction
Delaware, United States
LEI
Not public · searched 13 Oct 2026 · No LEI for the USTB series. Superstate Asset Trust itself is 254900HBBFFSKNX6LZ37 (ACTIVE). Help us find it
Min. investment
$100,000.00
Who can hold
Qualified purchasers
Rated as
T-bill or money market fund
Token standard
Custom

Service providers

Custodian
The Bank of New York Mellon
Fund administrator
NAV Fund Services (NAV Consulting, Inc.)
Auditor
PwC
Transfer agent
Superstate
Holdings reporting
Chronicle Proof of Asset (Chronicle Labs)

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0x4341…1C4e$468.5MRedProxyAdmin → EOA · none