# Superstate

> Superstate is a New York financial technology company that provides tokenization and transfer-agent infrastructure for investment funds and public-company equities. Its FundOS platform serves asset managers, while Opening Bell enables issuer-sponsored tokenized shares and direct capital raising on Ethereum and Solana. It also supplies the infrastructure behind USTB, now managed by Invesco, and USCC, now managed by Bitwise.

- **Founded:** 2023
- **Headquarters:** New York, United States
- **Founders:** Robert Leshner (Co-founder and Chief Executive Officer), Jim Hiltner (Co-founder and Head of Business Development), Dean Swennumson (Co-founder and Head of Operations)
- **Products:** FundOS, Opening Bell, USTB, USCC
- **Notable:** Reported more than $1.2 billion across its tokenized funds at the January 2026 Series B announcement., Enabled issuer-sponsored tokenization of Galaxy’s Nasdaq-listed Class A stock on Solana in September 2025., Brought Invesco and Bitwise onto its fund infrastructure in 2026.

## Products & services

- **FundOS** — Tokenization and transfer-agent platform for third-party private funds, mutual funds and ETFs; connects shareholder records, investor onboarding, USD/USDC payment flows and supported DeFi applications.
- **Opening Bell** — Issuer-sponsored public-equity tokenization and shareholder recordkeeping on Ethereum and Solana, with Direct Issuance Programs for eligible capital raises.
- **USTB** — Launched by Superstate in February 2024; now the Invesco Short Duration US Government Securities Fund, with Superstate Services LLC as transfer agent. Tokenized or book-entry ownership, continuous NAV and USD/USDC transactions.
- **USCC** — Launched in July 2024; now the Bitwise Crypto Carry Fund. Offers Qualified Purchasers exposure to crypto basis strategies; Superstate provides transfer agency and acts as sub-adviser.

## Achievements

- Reported more than $1.2 billion across its tokenized funds at the January 2026 Series B announcement.
- Enabled issuer-sponsored tokenization of Galaxy’s Nasdaq-listed Class A stock on Solana in September 2025.
- Brought Invesco and Bitwise onto its fund infrastructure in 2026.
- Added continuous USTB pricing in October 2024 and announced protocol mint/redeem functionality in December 2024.

## Latest updates

- **2026-09** — Valinor announced its BDC Exposure Fund on Superstate FundOS, initially on Ethereum.
- **2026-08** — Published its case for tokenization by ETF issuers.
- **2026-07** — Announced modular smart-contract upgrades for USTB and USCC, preserving token addresses and introducing address-based allowlisting.
- **2026-06** — Bitwise’s management transition for USCC took effect on June 1.
- **2026-03** — Announced Invesco as its first external asset manager.
- **2026-01** — Closed an $82.5 million Series B led by Bain Capital Crypto and Distributed Global.

## Links

- Website: https://superstate.com/
- LinkedIn: https://www.linkedin.com/company/superstate
- Twitter/X: https://x.com/superstateinc
- GitHub: https://github.com/superstateinc
- YouTube: https://www.youtube.com/@Superstate_inc

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Profile page: https://yespress.io/superstate
Published by YesPress — https://yespress.io
Last updated: 2026-10-03