Superstate is a financial technology firm that connects traditional financial assets with crypto capital markets through tokenized securities and on-chain listings. The company develops investment products designed to leverage the speed, programmability, and compliance features of blockchain technology. ^{[1] [2]}

Overview

Superstate focuses on modernizing the infrastructure of investment funds by bringing them onto the blockchain. The firm offers tokenized funds that represent ownership in underlying traditional assets, such as U.S. government securities.

These tokenized shares are typically issued as ERC-20 tokens, allowing for on-chain transfer and integration with decentralized finance (DeFi) applications. Superstate's approach emphasizes regulatory compliance, aiming to make tokenized assets accessible to eligible investors, including institutions and qualified purchasers in supported jurisdictions. The company also provides a platform called "Opening Bell" for companies to list their shares directly on crypto capital markets. ^{[1] [2]}

The firm's products are designed to offer benefits such as investor-directed ownership through self-custody, enhanced utility via programmability and composability with on-chain protocols, and transparent, embedded compliance enforced in real-time. Superstate is headquartered in the U.S. and utilizes a Bankruptcy-Remote Trust Structure for its funds, with assets managed and segregated by established service providers. ^{[3] [1]}

History

Superstate was founded to bridge traditional finance and crypto capital markets. The company raised a $4 million Seed financing round in June 2023, led by ParaFi, Cumberland, and 1kx. In the same month, a draft prospectus was filed with the U.S. Securities and Exchange Commission (SEC) for the Superstate Short-Term Government Bond Fund, intended to be an open-ended mutual fund with a secondary record of ownership tracked on the Ethereum blockchain. ^[3]

In November 2023, Superstate announced the first close of its Series A financing, raising $14 million. This round was co-led by Distributed Global and CoinFund, with participation from various other investment firms. The capital was designated for team expansion, launching tokenized private funds for institutional investors, and developing a framework for compliant, tokenized, publicly registered investment funds. ^[3]

Superstate launched its first tokenized fund, the Superstate Short Duration U.S. Government Securities Fund (USTB), on February 1, 2024. This was followed by the announcement of the "Opening Bell" platform on May 8, 2024, designed for companies to issue SEC-registered shares directly onto blockchains, with Sol Strategies named as the first issuer.

The Superstate Crypto Carry Fund (USCC) was launched on July 22, 2024. The firm also announced its expansion to become multichain, starting with Plume Network on February 11, 2024. ^{[4] [5] [6] [7]}

Products

Superstate currently offers two primary tokenized funds and a platform for on-chain equity listings:

Superstate Short Duration US Government Securities Fund (USTB)

This fund provides eligible Qualified Purchasers with access to income generated from short-duration U.S. Treasury Bills. It is designed to offer features such as continuous pricing (NAV per share), minimal fees, and same-day liquidity on Market Days. Ownership can be represented by ERC-20 tokens or in book-entry form. ^{[8] [9]}

Superstate Crypto Carry Fund (USCC)

This fund offers eligible Qualified Purchasers access to returns derived from strategies including the crypto basis trade, staking, and investments in government securities. It features minimal fees and next-day liquidity. Like USTB, shares can be held as ERC-20 tokens or in book-entry form. ^{[10] [11]}

Opening Bell

A platform enabling companies to list their SEC-registered shares directly onto blockchain networks. This aims to facilitate on-chain public listings for corporate equity. ^[12]

Technology & Operations

Superstate's operational model integrates traditional fund structures with blockchain technology. Shares of its funds are issued as ERC-20 tokens on compatible blockchain networks, allowing for digital ownership and transfer. The funds are structured to provide continuous Net Asset Value per Share (NAV/S), particularly for USTB, enabling second-by-second pricing. Yield accumulates through the incrementing NAV/S rather than through traditional distributions or token rebasing. ^{[1] [2]}

The platform supports minting and redeeming fund shares through smart contracts, an investor portal, or APIs. Investors can purchase and redeem shares using USDC on supported blockchains like Ethereum and Solana, or via traditional bank wire transfers. Tokenized shares can be held in self-custody, at leading digital asset custodians, or in book-entry form maintained by Superstate. The system incorporates a customizable Allowlist to manage investor eligibility and enforce compliance on-chain. ^{[1] [2]}

Superstate emphasizes embedded compliance, aiming for transactions to be compliant by default through real-time enforcement mechanisms built into the on-chain structure. The firm utilizes a Bankruptcy-Remote Trust Structure in the U.S., with assets segregated and managed by established service providers to minimize counterparty risk. ^{[3] [1]}

Funding

Superstate has secured funding through multiple rounds. In June 2023, the company completed a Seed financing round, raising $4 million. This round was led by ParaFi, Cumberland, and 1kx. ^[3]

In November 2023, Superstate announced the first close of its Series A financing, which brought in $14 million. The Series A round was co-led by Distributed Global and CoinFund. Additional participants included Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ. The capital raised is intended to support team expansion, the launch of tokenized private funds, and the development of frameworks for compliant, publicly registered tokenized funds. ^[3]

Regulatory Status

Superstate operates with a focus on regulatory compliance within the U.S. legal framework. The firm is headquartered in the United States. In June 2023, Superstate filed a draft prospectus with the U.S. Securities and Exchange Commission (SEC) for the Superstate Short-Term Government Bond Fund, outlining its structure as an open-ended mutual fund with a secondary record of ownership on the Ethereum blockchain. ^[3]

Superstate currently relies on the private fund adviser exemption under the Investment Advisers Act of 1940, which exempts it from registration with the SEC as an investment adviser. The firm's tokenized funds are generally available to eligible Qualified Purchasers in supported jurisdictions, adhering to relevant securities regulations. ^{[1] [13]}

Robert Leshner, Co-founder and CEO of Superstate, has stated;

"The future of investments are programmable, compliant, and transparent... Superstate aims to bring on-chain advantages to U.S. investors." Jake Brukhman, Founder & CEO of CoinFund, commented on Superstate's approach, saying, "Superstate’s approach to tokenization will bridge the gap between high-quality compliant financial products and the massive advantages and innovation DeFi is poised to offer to traditional finance." ^[3]

Superstate Industry Council

Superstate has established the Superstate Industry Council (SIC), a group composed of institutions from both traditional finance and digital asset sectors. The council's stated purpose is to contribute to Superstate's product development roadmap and promote the broader adoption of tokenization within financial services and capital markets. The council includes a range of participants from investment firms, trading firms, custodians, and blockchain protocols. As of March 2024, the council had expanded to include over 50 member institutions across multiple cohorts. ^{[1] [14]}

Team

Robert Leshner is a Co-founder and serves as the Chief Executive Officer of Superstate. ^[3]