Ethereum
Solana
USTB offers qualified purchasers exposure to short-duration US Treasury bills and government agency securities. NAV accrues continuously into the token price with subscriptions and redemptions in USD or USDC. Superstate operates its own SEC-registered transfer agent for on-chain share records.
Tokenized short-duration treasuries with continuous NAV accrual.
Prism analyst note
USTB competes directly with BUIDL and OUSG on institutional treasury exposure, differentiating on Superstate's vertically integrated stack: the firm runs its own registered transfer agent, giving it unusual control over on-chain share records. Growth through 2025 was strong. Duration risk is minimal (sub-one-year); the practical considerations are eligibility (QP only) and allowlist liquidity.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
Structure & compliance
- Underlying
- US T-bills and government agency securities (0 to 1yr)
- Legal structure
- Private fund (Delaware LP interests, Reg D)
- Jurisdiction
- United States
- Custodian
- Qualified US bank custodian (fund assets)
- Administrator
- NAV Consulting; Superstate Services (transfer agent)
- Oracle / NAV source
- Superstate on-chain NAV feed
- Reserve information
- Daily portfolio holdings and NAV published; assets held at regulated custodians with independent administration.
- Transfer restrictions
- Allowlist-based transfers between KYC-verified holders.
- Investor eligibility
- Qualified purchasers
- KYC required
- Yes
Reserve verification
Contracts & on-chain data
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers. 60+
Documents & disclosures
Frequently asked
How is yield delivered?+
NAV accrues continuously into the token price; there are no rebases or dividend tokens.
