INSTITUTIONAL | Another Giant Asset Manager Files for a Tokenized Fund Targeting the Stablecoin Reserve Market

Asset management giant, Invesco, has filed with the U.S. Securities and Exchange Commission to launch a tokenized money market fund designed for the rapidly expanding stablecoin reserve market marking the firm’s latest push into on-chain finance as Wall Street intensifies efforts to capitalize on digital asset infrastructure.

The proposed Invesco Stablecoin Reserves Onchain Fund would issue fund shares directly on public blockchains while investing in cash, short-term U.S. Treasuries and overnight repurchase agreements backed by Treasuries, the types of highly liquid assets commonly used to back dollar-pegged stablecoins.

The filing does not involve direct investment in cryptocurrencies.

The filing deepens Invesco’s blockchain strategy after the firm in early 2026 assumed management of Superstate’s tokenized U.S. Treasury fund, one of the largest on-chain government securities funds.

The move comes as traditional financial institutions race to secure a share of what is increasingly viewed as one of the fastest-growing businesses in digital finance:

Managing the reserve assets that underpin stablecoins.

Those reserves, typically held in Treasury bills, cash and money market funds, generate billions of dollars in fee-producing assets for fund managers.

Competition has accelerated following the implementation of the U.S. GENIUS Act which established a regulatory framework for payment stablecoins and specified the types of assets issuers may hold as reserves. Asset managers including

• BlackRock,
• State Street,
• Fidelity,
• Franklin Templeton and
• BNY

have either launched or announced products aimed at serving stablecoin issuers.

Industry forecasts cited by State Street estimate the global stablecoin market could expand to between $1.9 trillion and $4 trillion by 2030, prompting major asset managers to view tokenized money market funds and reserve management as a significant long-term growth opportunity.

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