Superstate

Superstate is a financial technology firm that connects traditional financial assets with crypto capital markets through onchain tokenized securities and tokenized funds. The platform offers two tokenized funds — USTB (a short-duration U.S. Treasury Bill fund) and USCC (a crypto carry fund) — as well as tokenized equities via its "Opening Bell" issuance platform. Investors who qualify as Qualified Purchasers can access these SEC-exempt private funds and SEC-registered public company shares as blockchain tokens on Ethereum, Solana, and Plume.

Superstate offers two tokenized funds that generate yield in different ways. In both funds, your token balance stays the same; the value of each token grows over time as the fund's net asset value per share (NAV/S) increases. There are no regular cash payouts — all returns are captured in the rising NAV/S.

USTB (Short-Duration U.S. Government Securities Fund)

What it holds: Short-term U.S. government debt, mainly Treasury Bills (T-bills).

How yield is earned: T-bills pay interest every market day. That interest is added to the fund's NAV/S, which starts at $10.000000 and ticks upward continuously. A professional calculation partner updates the NAV/S every second, so you can see the value grow in near-real time.

How you benefit: You hold a fixed number of tokens (similar to Lido's wstETH). Because NAV/S keeps rising, your tokens can be redeemed for more USD or USDC than you originally put in.

Fees: The fund charges a management fee of up to 0.15% (0.15% on the first $25 million of net assets, 0.05% on anything above $25 million), plus some administrative and custodial costs. However, all management fees and fund expenses are waived until the fund's total assets reach $200 million.

Onchain actions: You can subscribe (add money) or redeem (withdraw) atomically in USDC using smart contracts. Currently there are zero fees for these onchain transactions.

USCC (Crypto Carry Fund)

What it holds: A mix of crypto spot assets, futures contracts, liquid staking tokens (LSTs), and U.S. Treasuries.

How yield is earned — three sources:

• Basis trading — The fund buys crypto spot (actual coins) and sells futures contracts. Futures usually trade at a premium to spot. As futures approach expiration, that premium shrinks ("converges"), generating profit.
• Staking rewards — Some holdings are converted to liquid staking tokens (like lsETH, weETH, JitoSOL), which earn staking rewards that are reflected in the token's conversion rate.
• T-bill interest — A portion of the fund is held in U.S. Treasury securities, earning interest like USTB.

NAV calculation: NAV/S is computed each business day using prices from 4:00 PM ET (Coinbase closing prices for spot assets, CME settlement for futures, LST conversion rates, and dealer marks for other instruments). Because these prices change daily, NAV/S can go up or down.

Fees: A 0.75% management fee applies, but it is fully waived until the fund's assets exceed $50 million.

Common features of both funds

• Both are private funds (exempt from standard SEC registration) and are structured as Delaware statutory trusts. They are open only to investors who qualify as Qualified Purchasers.
• Tokens are permissioned — you must pass KYC/AML checks to be on an allowlist. Once approved, you can transfer tokens freely to other allowlisted addresses.
• For U.S. tax purposes, the funds are treated as partnerships.
• All yield comes from NAV appreciation. There are no dividend-like cash distributions.

Superstate is backed by a network of venture capital firms and crypto-native investors. The official website lists the following investors: Bain Capital (Bain Capital Crypto), Distributed Global, Haun Ventures, CoinFund, Galaxy (Galaxy Digital), BH Digital (Brevan Howard Digital), Breyer Capital, ParaFi Capital, 1kx, Arrington Capital, Bullish, Hypersphere Capital, Flowdesk, Road Capital, Modular Capital, Sentinel Global, CMT Digital, Hack VC, The Venture Dept, Nascent, and Intersection. No specific funding rounds, amounts, or dates are disclosed on the official site.