Invesco files to register tokenized stablecoin reserve fund, as traditional asset management giants race to build out digital dollar infrastructure

Invesco, the asset management giant overseeing over $2.5 trillion in assets, filed an application with the U.S. Securities and Exchange Commission (SEC) on Wednesday to register the "Invesco Stablecoin Reserve On-Chain Fund". The fund will invest in cash and short-term U.S. Treasuries, with its structure aligned with the reserve requirements for payment stablecoins under the GENIUS Act. The application lists institutional tokenization specialist Superstate as the sub-transfer agent, which will maintain a blockchain-integrated shareholder register combining traditional fund records and on-chain ownership tokens. While the fund will operate on a public blockchain, the specific network has not been disclosed in the filing. This move marks the latest sign of traditional asset managers racing to capture the stablecoin reserve management market. As stablecoin issuance continues to expand, demand for reserve asset managers has surged. Citigroup forecasts the stablecoin market could grow from around $300 billion today to $4 trillion by 2030, creating massive potential opportunities for fund managers. BlackRock, State Street, and ProShares have all submitted similar fund applications, intensifying competition. The filing also extends Invesco’s broader tokenization strategy: earlier this year, the firm took over Superstate’s roughly $900 million tokenized Treasury fund, becoming the first third-party asset manager to use Superstate’s blockchain FundOS platform, joining pioneers in tokenized money market funds including BlackRock, Franklin Templeton, and Fidelity. An Invesco spokesperson declined to comment on the application, noting the product is still in the registration phase.