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Tokenize US Treasury fund records
Investment advisory firm Superstate today filed a prospectus with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized government bond fund.
The fund will allow shareholders to keep a record of their ownership on the Ethereum (ETH) blockchain. In the future, it is expected to support chains other than Ethereum.
The record on the blockchain represents a digital record of fund ownership, which shareholders can store in blockchain wallet addresses controlled by them or with digital asset custodians. . You can also choose whether or not to record on the blockchain in the first place.
According to the prospectus, the fund is an ultra-short-term government securities fund. As a general rule, invest at least 95% of your net worth in short-term US Treasuries. Such securities include US Treasury securities, US agency securities, repurchase agreements collateralized by securities issued by the US government or US government agencies, and other US government securities.
In addition, we do not directly or indirectly invest in assets that rely on blockchain technology, such as virtual currencies.
Also aiming to compete with stablecoins
The superstate spoke of its goals as follows:
Our vision is to create an SEC-registered investment product that will compete with stablecoins in the long term as a reserve and settlement option for cryptocurrencies.
In the future, the company also envisions using blockchain records to enable peer-to-peer purchases, sales and transfers of shares in the fund from one shareholder to another on the blockchain. and
However, it is unclear at this point whether or not the peer-to-peer remittance function will be realized, as regulations must be taken into consideration.
What is a stablecoin
A cryptocurrency whose price is always stable. Stablecoins are a type of cryptocurrency, and unlike BTC, ETH, and XRP, which have volatility, their purpose is to maintain their value ($1) backed by the US dollar. In addition to US dollar-backed stablecoins (USDT/USDC), there are also stablecoins that use algorithms.
Cryptocurrency Glossary
What is a superstate
Superstate was founded by the founders of Compound Labs, a company that develops the leading DeFi (decentralized finance) platform Compound Finance.
Superstate has just completed a seed round of approximately ¥580 million ($4 million) from ParaFi Capital, 1kx, Cumberland Ventures, Coinfund, Distributed Global and others.
Today, I’m excited to announce the founding of a new company, @superstatefunds
Superstate’s mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems.
—Robert Leshner (@rleshner) June 28, 2023
Superstate CEO Robert Leshner expressed his ambition:
Our mission is to build regulated financial products that bridge traditional markets and blockchain ecosystems.
Currently, the main limitation of DeFi is that the only interoperable assets are crypto-native assets. Ultimately, however, many other “offline” assets will exist on the blockchain.
The post Compound Labs Founder Plans US Treasury Tokenized Fund appeared first on Our Bitcoin News.
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