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Invesco (IVZ), a $2.2 trillion asset manager, joins BlackRock and peers in tokenized fund push

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Invesco (IVZ), a $2.2 trillion asset manager, joins BlackRock and peers in tokenized fund push

Invesco, a U.S.-based asset manager overseeing $2.2 trillion in assets, will take over management of Superstate’s tokenized U.S. Treasury fund in a move that brings a large traditional asset manager deeper into blockchain-based finance.

The USTB fund holds short-term U.S. government securities and represents more than $900 million in assets. It ranks among the largest tokenized Treasury funds, a fast-growing corner of the market bringing money market funds onto blockchain rails.

After the transition, expected in the second quarter of 2026, the fund will be renamed to Invesco Short Duration US Government Securities Fund while keeping its ticker and token setup.

The move marks Invesco’s formal entrance in the fast-growing, $12 billion tokenized U.S. Treasuries market, joining rival global asset managers such as BlackRock (BLK), Franklin Templeton and Fidelity Investments.

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Unlike traditional financial infrastructure, blockchain-based tokens allow near-instant settlement, transparent reserves and round-the-clock access. BlackRock CEO Larry Fink has said in its annual letter that tokenization could make investing faster, cheaper and more accessible by recording ownership on digital ledgers.

“Invesco has been strategically building the capabilities required to support institutional-grade digital asset products,” said Kathleen Wrynn, Invesco’s global head of digital Assets. “Superstate’s onchain infrastructure pairs naturally to support Invesco’s ambitions to scale tokenized offerings over time.”

The USTB tokenized fund will keep its structure and strategy under Invesco’s banner, while Superstate will continue to run the fund’s technology layer. That includes issuing fund shares as tokens, settling transactions onchain and maintaining a digital transfer agent system.

Invesco will handle day-to-day investment decisions through its global liquidity team, which manages over $200 billion in short-term assets.

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Read more: BlackRock is betting billions that tokenized funds will do for Wall Street what the internet did to mail

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Crypto World

Fira Debuts Fixed-Rate DeFi Lending Protocol with $450M in Deposits

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Fira Debuts Fixed-Rate DeFi Lending Protocol with $450M in Deposits

Ethereum-based decentralized finance (DeFi) lending protocol Fira said on Tuesday it was launching with about $450 million in deposits, highlighting demand for fixed-rate onchain credit.

Fira said the protocol’s fixed-rate credit market allows users to lock borrowing costs and lending returns for defined periods by organizing lending around maturities rather than floating utilization-based rates, according to an announcement shared with Cointelegraph.

The fixed-rate model differs from most DeFi lending protocols, where borrowers cannot lock funding costs, and lenders cannot predict returns, making long-term DeFi lending less predictable. Fira’s said its model organizes markets by maturity and determines interest rates by supply and demand mechanics, replacing utilization algorithms that fluctuate with borrowing activity.

Fira said the design is intended to create a more predictable onchain credit market by introducing yield curves and defined maturities, features that are standard in traditional fixed-income markets but rare in DeFi.

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Fira is not the first DeFi lending protocol built around fixed-rate credit. Other protocols with similar structures include Notional Finance, IPOR and Term Finance.

Fira debuts fixed-rate onchain credit market. Source: Fira

Euler-linked liquidity migrated into Fira

Fira said it debuted with $450 million in deposits, which were “reallocated” from users of the modular lending platform Euler Finance during the pre-launch phase that started on Jan. 8, Pete Siegel, chief financial officer at Fira, told Cointelegraph. 

“Fira was pre-launched in January. It opened with a first market called UZR, which enabled roughly a thousand users who were already on Euler, in a product available on Euler to migrate their assets at a fixed rate.”

Siegel said the deposits reflect user interest in fixed-rate lending products.

DeFi lending protocol rankings by TVL. Source: DeFiLlama

DefiLlama currently shows Fira with about $451.6 million in total value locked on Ethereum, compared with roughly $25.3 billion for Aave, the sector’s largest lending protocol.

Related: Maestro launches mining-backed Bitcoin credit market for institutions

Fira said its smart contracts have undergone six independent security audits conducted by Sherlock, Spearbit via Cantina, Hexens and yAudit between November 2025 and early 2026.

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Fira’s bug bounty program through Sherlock offers up to $500,000 in rewards for users finding critical vulnerabilities in the protocol’s open-source Ethereum-based smart contracts.