Superstate (USTB)

System: Superstate — Tokenised Assets

Superstate issues and services tokenised assets, led by USTB, a short-duration U.S. government securities fund share, and USCC, a crypto-carry fund share for eligible investors. Founded in 2023, Superstate combines permissioned token contracts, allowlists, transfer-agent records, investor workflows, fund vehicles and service-provider arrangements to issue, hold, transfer and redeem tokenised fund and equity shares. Ethereum, Solana and Plume are settlement networks, while USDC/Circle, external DeFi protocols and underlying securities sit outside the Superstate boundary except as rails, integrations or asset objects.

Market Data

Price$11.10
Market Cap$936.79M
Fully Diluted Valuation$936.79M
30d Change0.31%
365d Change3.77%

Token Functionalities

Collateral

  • Stablecoin-Reserve Asset (Weak) [Exogenous]

    Right to deposit USTB as backing for a pegged stablecoin through approved external reserve structures, including frxUSD and other documented stablecoin-reserve integrations.

  • Financial Collateral (Weak) [Exogenous]

    Right to pledge USTB as collateral in an external lending market to borrow stablecoins, such as Aave, subject to Aave Horizon’s LTV, liquidation threshold and liquidation rules.

Asset Ownership

  • Off-Chain Asset Title/Pool Share (Weak)

    Right to hold, transfer and redeem a beneficial interest in the Superstate Short Duration U.S. Government Securities Fund, subject to investor eligibility, allowlist restrictions and fund redemption procedures.

System Attributes

Operating Model

<p>Superstate&nbsp;operates&nbsp;as&nbsp;an&nbsp;entity-led&nbsp;tokenised&nbsp;asset&nbsp;business:&nbsp;investment&nbsp;management,&nbsp;transfer&nbsp;agency,&nbsp;investor&nbsp;eligibility,&nbsp;subscriptions,&nbsp;redemptions,&nbsp;custody&nbsp;coordination,&nbsp;pricing&nbsp;inputs&nbsp;and&nbsp;admin&nbsp;functions&nbsp;depend&nbsp;on&nbsp;Superstate-related&nbsp;entities&nbsp;and&nbsp;appointed&nbsp;service&nbsp;providers.&nbsp;The&nbsp;on-chain&nbsp;contracts&nbsp;are&nbsp;important&nbsp;delivery&nbsp;infrastructure,&nbsp;but&nbsp;they&nbsp;are&nbsp;permissioned&nbsp;and&nbsp;admin-controlled&nbsp;rather&nbsp;than&nbsp;an&nbsp;open&nbsp;protocol&nbsp;coordinating&nbsp;independent&nbsp;supply-side&nbsp;providers.</p>

Value Creation

<p>Superstate&nbsp;creates&nbsp;value&nbsp;off-chain&nbsp;by&nbsp;organising&nbsp;the&nbsp;fund&nbsp;structure,&nbsp;asset&nbsp;exposure,&nbsp;custody,&nbsp;NAV&nbsp;calculation,&nbsp;investor&nbsp;servicing&nbsp;and&nbsp;redemption&nbsp;process,&nbsp;and&nbsp;it&nbsp;creates&nbsp;value&nbsp;on-chain&nbsp;by&nbsp;turning&nbsp;those&nbsp;fund&nbsp;claims&nbsp;into&nbsp;permissioned,&nbsp;transferable&nbsp;and&nbsp;composable&nbsp;tokenised&nbsp;assets.&nbsp;For&nbsp;USTB&nbsp;specifically,&nbsp;the&nbsp;Treasury&nbsp;yield&nbsp;is&nbsp;produced&nbsp;off-chain,&nbsp;while&nbsp;the&nbsp;token&nbsp;contracts,&nbsp;allowlist,&nbsp;on-chain&nbsp;transfer,&nbsp;price&nbsp;infrastructure&nbsp;and&nbsp;protocol&nbsp;mint/redeem&nbsp;paths&nbsp;create&nbsp;the&nbsp;on-chain&nbsp;settlement&nbsp;and&nbsp;integration&nbsp;layer&nbsp;that&nbsp;makes&nbsp;the&nbsp;product&nbsp;usable&nbsp;in&nbsp;crypto&nbsp;markets.</p>

Value Capture

<p>Superstate&nbsp;captures&nbsp;and&nbsp;routes&nbsp;value&nbsp;from&nbsp;USTB&nbsp;through&nbsp;fund-level&nbsp;economics&nbsp;rather&nbsp;than&nbsp;through&nbsp;a&nbsp;native&nbsp;token&nbsp;or&nbsp;on-chain&nbsp;protocol&nbsp;fee&nbsp;path.&nbsp;USTB&nbsp;holders&nbsp;receive&nbsp;the&nbsp;tokenised&nbsp;fund&nbsp;claim:&nbsp;interest&nbsp;from&nbsp;the&nbsp;fund’s&nbsp;short-duration&nbsp;U.S.&nbsp;government&nbsp;securities&nbsp;is&nbsp;reflected&nbsp;in&nbsp;NAV,&nbsp;while&nbsp;fund&nbsp;expenses&nbsp;and&nbsp;management&nbsp;fees&nbsp;accrue&nbsp;at&nbsp;the&nbsp;fund&nbsp;level&nbsp;and&nbsp;are&nbsp;paid&nbsp;or&nbsp;routed&nbsp;to&nbsp;the&nbsp;investment&nbsp;manager&nbsp;and&nbsp;service&nbsp;providers.&nbsp;External&nbsp;integrations&nbsp;such&nbsp;as&nbsp;Aave&nbsp;Horizon&nbsp;and&nbsp;Frax&nbsp;USD&nbsp;may&nbsp;expand&nbsp;USTB’s&nbsp;collateral&nbsp;or&nbsp;reserve&nbsp;use,&nbsp;but&nbsp;they&nbsp;do&nbsp;not&nbsp;change&nbsp;Superstate’s&nbsp;own&nbsp;value-capture&nbsp;route,&nbsp;which&nbsp;remains&nbsp;off-chain&nbsp;and&nbsp;entity/service-provider&nbsp;based.</p>