Invesco has filed a registration statement with the U.S. Securities and Exchange Commission to launch a tokenized money market fund intended for stablecoin reserve assets. The filing, submitted under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, reflects regulatory requirements that stablecoin issuers must hold one‑to‑one reserves in safe, liquid assets.

The proposed fund, named the Invesco Stablecoin Reserves Onchain Fund, will invest in cash, cash equivalents, repurchase agreements and short‑term U.S. Treasury securities and will maintain a net asset value of $1 per share. It will operate within Invesco’s existing Short Term Investments Trust and will qualify as a Rule 2a‑7 government money market fund. Superstate, a blockchain services provider, will act as the fund’s sub‑transfer agent and will maintain a blockchain‑integrated shareholder registry linking traditional records with on‑chain ownership tokens. The filing does not specify which public blockchain will be used, but it says tokenized shares will be issued on a designated public network. Invesco previously assumed day‑to‑day management of Superstate’s tokenized U.S. Treasury fund, which at the time managed about $900 million in assets. That product was renamed the Invesco Short Duration US Government Securities Fund while Superstate continued to provide tokenization services through its FundOS platform.

Other asset managers, including BlackRock, State Street, ProShares, Franklin Templeton, Fidelity, Morgan Stanley, BNY Mellon, JPMorgan and Goldman Sachs, have also introduced or filed products related to tokenized money market funds or stablecoin reserve infrastructure. State Street launched its Stablecoin Reserves Money Market Fund in June as a Rule 2a‑7 government money market fund backed by State Street Bank and Trust Company and Anchorage Digital, and ProShares earlier this year launched the ProShares GENIUS Money Market ETF (ticker IQMM), which invests exclusively in short‑term U.S. Treasury securities and other government‑backed instruments. Citigroup has projected that the stablecoin market could expand from roughly $300 billion today to as much as $4 trillion by 2030, potentially creating a significant market for firms that manage the cash and Treasury assets backing dollar‑denominated stablecoins.

The SEC has not yet approved the Invesco filing, and a launch date for the fund has not been announced.