- It will be managed by a new company called Superstate
- The purpose of the fund is to invest in “ultra-short” Treasury bonds
- Transaction and ownership information will be displayed in the form of secondary blockchain records
CEO of decentralized lender Compound Robert Leshner has filed registration papers for a new organization called Superstate. It’s an investment firm that will manage the U.S. Treasury’s Ethereum-based “super short” bond fund.
The new firm has already filed a prospectus with the SEC (Securities and Exchange Commission), but has not yet received approval. Leshner says his product will be able to compete with other crypto-assets while remaining more regulated and transparent.</nbsp;
The company also confirmed this:
“Our vision is to register with the SEC an investment product that can eventually compete with stabelcoins, becoming a reserve asset and cryptocurrency for settlement.”
The fund will allow shareholders to record their investments through Ethereum-based infrastructure. The depositor can keep the bonds in a corporate account or with a licensed custodian.
The use of distributed ledger technology will make serving shareholders quicker and easier. There will be no potential negative impact on the quality of services.
Superstake also made it clear that the company will not invest in cryptocurrency, directly or indirectly. Note that this is not the first such fund in the U.S. In 2021, Franklin Templeton launched OnChain US Government Money Fund.. This is the first investment fund in the U.S. in which data records, including ownership, are maintained via blockchain. In late April of this year, Franklin Templeton said they would integrate their product into the Polygon ecosystem.