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Superstate Short Duration U.S. Government Securities Fund (USTB) is a private fund tokenized on the Ethereum blockchain. It is designed to provide eligible investors with access to short-duration U.S. Treasury Bills and U.S. Government Agency securities, aiming for yields aligned with the federal funds rate [1] [2].
The Superstate Short Duration U.S. Government Securities Fund (USTB) operates as a tokenized investment product focusing on U.S. government debt. It is structured as a private fund and is primarily accessible to U.S. Qualified Purchasers and U.S. Accredited Investors [2]. The fund's investment strategy involves holding short-duration U.S. Treasury and U.S. Agency securities. The objective is to target returns that correspond with the federal funds rate [1]. The fund calculates a daily Net Asset Value (NAV) [2].
USTB represents an effort to bridge traditional financial assets with blockchain technology. By tokenizing the fund's shares, Superstate aims to enable on-chain ownership, transfer, and compliance for eligible investors. The fund's structure incorporates established service providers from both traditional finance and the digital asset space [3].
USTB is tokenized on the Ethereum blockchain, utilizing the ERC-20 token standard [1] [2]. The fund's operation incorporates an Ethereum-based Allowlist mechanism. This Allowlist is designed to manage on-chain ownership, facilitate token transfers, and ensure compliance with relevant regulations [3].
In addition to Ethereum, USTB tokens are also present on the Plume Network and are tracked as Off-Chain (Book-Entry) holdings [2]. The use of blockchain technology is intended to potentially enable features like peer-to-peer transactions among eligible participants in the future, subject to applicable restrictions [3].
The Superstate Short Duration U.S. Government Securities Fund invests in a portfolio of short-duration U.S. Treasury Bills and U.S. Government Agency securities [1] [3]. These are debt obligations issued or guaranteed by the U.S. government or its agencies. The fund's investment strategy is focused on short-duration instruments, which typically have maturities of one year or less for Treasury Bills and varying short-term durations for Agency securities. The fund aims to generate yield that corresponds to the prevailing federal funds rate [1].
As of July 2025, the Superstate Short Duration U.S. Government Securities Fund (USTB) has a market capitalization of approximately $688 to $689 million [3] [2]. The fully diluted valuation (FDV) is reported to be the same as the market capitalization, indicating that the circulating supply represents the total supply of tokens [3]. The circulating and total supply are approximately 64.1 to 64.8 million tokens [3] [2]. The maximum supply is listed as infinite [3].
The price of USTB is calculated by aggregating data across multiple exchanges and markets using a volume-weighted average formula. Due to limited recent trading activity, the reported price often reflects the last recorded value [3]. The 24-hour trading volume has been reported as $0.00, indicating low market activity and potentially low liquidity for the token on public exchanges [3].
Key historical price points include an all-time high of $10.74 reached on July 7, 2025, and an all-time low of $10.29 reached on February 26, 2025 [3]. The fund has a stated management fee of 0.15% [3] [2]. There are no stated performance, subscription, or redemption fees, although other organizational expenses are amortized [2].
The Total Value Locked (TVL) associated with Superstate USTB, as tracked by DefiLlama, represents the total amount of USTB and USCC minted on-chain, excluding book-entry AUM. As of July 2025, the TVL was approximately 216,067 ETH, distributed across Ethereum and Plume Mainnet [1]. Cumulative fees generated by the protocol were reported as 55.97 ETH [1].
Access to the Superstate Short Duration U.S. Government Securities Fund (USTB) is restricted to eligible investors. Specifically, the fund is offered to U.S. Accredited Investors and U.S. Qualified Purchasers [2].
Investors meeting the eligibility criteria are able to subscribe to and redeem from the fund. Subscriptions can be made using USDC or USD [2]. The subscription process is available on U.S. banking daily basis [2]. There is a minimum investment requirement of 100,000 USDC [2]. Redemptions are processed at the daily NAV [3].
The Superstate Short Duration U.S. Government Securities Fund utilizes a range of service providers to manage its operations, spanning both traditional finance and digital asset domains. Key entities involved include:
The Superstate Short Duration U.S. Government Securities Fund is domiciled in the United States of America [2]. It operates under the U.S. Securities Act Reg. D Exemption, which allows companies to offer and sell their securities without having to register them with the U.S. Securities and Exchange Commission (SEC), provided certain conditions are met [2]. The fund's issuer is listed as Superstate Asset Trust [2].
The fund's performance is linked to the yield generated by its underlying investments in short-duration U.S. government securities. The fund targets returns in line with the federal funds rate [1]. As of July 2025, the reported Net Asset Value (NAV) per token was $10.73 [2]. The fund's Annual Percentage Yield (APY) was reported as 4.07% [2].
Historical price data shows the token trading within a narrow range, consistent with its objective as a tokenized fund holding stable assets. The 7-day price range was $10.73 to $10.74, and the 24-hour range was also $10.73 to $10.74 [3].
The Superstate Short Duration U.S. Government Securities Fund operates within the growing sector of tokenized real-world assets (RWA), specifically focusing on tokenized U.S. Treasury Bills. Other protocols and funds in this category or related RWA areas include: