Superstate USTB

Superstate USTB receives a B risk grade (27/100) from Hindenrank, where lower scores indicate lower risk. Superstate USTB is a well-structured tokenized Treasury product with strong regulatory compliance and institutional backing. The March 2026 Invesco transition — bringing a $1.7T AUM traditional asset manager as fund manager — meaningfully reduces management counterparty risk. Superstate's SEC transfer agent registration and pending money market fund reclassification further strengthen the regulatory standing. Remaining risks are centralization (allowlist gating controlled by Superstate, oracle control) and residual regulatory uncertainty for tokenized securities on-chain. Suitable for qualified investors seeking on-chain Treasury yield with institutional-grade compliance. Superstate USTB is a tokenized US Treasury Bill fund that lets investors earn Treasury yields through an on-chain token. It is an SEC-registered '40 Act fund, meaning it is regulated like a traditional mutual fund but with blockchain-based share ownership. As of Q2 2026, Invesco — a major traditional asset manager with over $1.7 trillion AUM — manages the fund's investments, while Superstate operates as the digital transfer agent. USTB can be instantly minted from USDC and redeemed back, making it one of the most accessible ways to hold Treasury Bill exposure on-chain. With ~$889M in TVL and $1B+ in total AUM, it is among the largest tokenized government bond products.

The key risks identified for Superstate USTB are: (1) You must be a Qualified Purchaser and pass KYC to hold USTB — if your allowlist status is revoked, you may face delays accessing your funds (2) USTB depends on Superstate's centralized allowlist operations — if the transfer agent system fails or is compelled to restrict access, on-chain functionality could be frozen (3) Yields are lower than raw Treasury Bills due to management fees and USDC conversion costs

Superstate USTB scores 27/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 4/20, Oracle Surface: 3/10, Documentation Gaps: 1/10, Track Record: 2/15, Scale Exposure: 3/10, Regulatory Risk: 6/10, Vitality Risk: 5/10. The highest risk area is Regulatory Risk at 6/10.

Among 73 rated RWA protocols on Hindenrank, Superstate USTB ranks #5 by safety (lowest risk score = safest). Its 27/100 risk score and B grade place it among the safer RWA protocols.

Superstate USTB scores 2/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.