Who controls it
USTB is a short-term Treasury fund from Superstate and Invesco. A registered transfer agent controls the list of holders.
- Holder’s claim
- The holder owns a fund share recorded by the transfer agent, and the on-chain token records that ownership. The claim runs to the fund, and the holder owns none of the short-term Treasuries directly.
- Redemption or sale
- Eligible investors redeem through Superstate under the fund’s terms, and only through that process.
Dependencies
- Superstate's fund governance and issuer control
- Registered transfer-agent holder records
- Eligibility and jurisdiction restrictions
- USDC as the settlement rail
- The chain carrying the token
Advisor notes
The registered transfer agent’s list decides who owns USTB; no smart contract does. Treat it as an ordinary fund that settles faster, and not as a bearer asset held on chain.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.