Invesco Short Duration US Government Securities Fund (USTB)
Solana: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Plume Mainnet: can pause transfers, claw back, gate who may hold, mint, change the code. A single key holds the owner key. A single key, through a contract, can change the code with no delay.
This file replaced an earlier version on 2026-09-27. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change. Earlier versions.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Invesco USTB (Superstate) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- Who may hold it
Qualified Purchasers whom Superstate approves after KYC and AML screening.
“Investors must be Qualified Purchasers and pass KYC/AML screening, and must be approved before applying to a fund.”
Superstate Docs: Tokenized funds · Eligibility · words found 2026-09-23
- First purchase minimum
$100,000 first investment, unless Superstate waives it.
“The minimum initial investment is $100,000 unless waived by Superstate.”
Superstate docs: current Invesco USTB terms · Subscribing · words found 2026-09-23
- Account types
Individuals with $5 million or more to invest and institutions with $25 million or more.
“Only available to Qualified Purchasers in supported countries with at least $5m in investable assets for individuals, or $25m for institutions.”
Superstate Docs: Getting started · Eligibility, Superstate Funds · words found 2026-09-24
- Who it may be transferred to
Freely, but only between wallets on the Superstate allowlist.
“USTB is freely transferable between wallet addresses on the Allowlist.”
Superstate docs: current Invesco USTB terms · Opening summary · words found 2026-09-23
- How a holder redeems
Superstate pays USDC at once on any day if liquidity allows, and pays US dollars the same day for requests received before 1pm ET.
“Proceeds are paid as U.S. Dollars to a bank account, or USDC to an Ethereum, Solana, or Plume address. Proceeds are delivered immediately (including non-business days, subject to available liquidity) for payout requests in USDC, or same-day for USD if received before 1pm ET.”
Superstate docs: current Invesco USTB terms · Redeeming · words found 2026-09-23
- Who keeps the official record
Superstate keeps overlapping records at its NAV agent, in house, and on chain, and does not say which one is official.
“The assets that back our funds are stored offchain with qualified custodians, and Superstate has overlapping, redundant records of ownership of our funds, including at our fund calculation agent, internally, and on-chain.”
Superstate Docs: Security · Overview · words found 2026-09-23
- What the issuer says it can freeze or take back
Superstate’s admin address controls minting and the allowlist, and Superstate can use it to burn a holder’s tokens by force.
“Our smart contracts are upgradable and various functions are gated behind the Superstate Admin Address calling them. This includes all minting, adding or removing users from the allowlist, and forcibly burning an investor’s tokens (if required by exogenous legal circumstances, for example).”
Superstate Docs: Smart contracts · EVM contracts, below the Plume address list · words found 2026-09-24
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
What the issuer publishes
Ketju read these figures from the issuer’s own feed at api.superstate.co, as of 2026-09-24. Ketju reads the feed daily and sends an alert when the chain shows more tokens than the record states or when the market quote moves away from the published NAV.
- USTB NAV $11.2211 per token.
- USTB: 65,413,837 shares outstanding. 48,843,959 of them are tokens on Ethereum, Solana, Plume Mainnet (74.7%); the rest are held off chain on the transfer agent’s books.
What the issuer filed with the SEC
A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.
| Filed | Form | Exemption claimed | Minimum | Sold to date | Investors |
|---|---|---|---|---|---|
| 2026-07-14 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $5,923,963,438 | 114 |
| 2026-07-07 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $5,923,963,438 | 114 |
| 2026-07-06 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $5,923,963,438 | 114 |
| 2026-05-05 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $5,923,963,438 | 114 |
| 2025-05-07 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $854,554,905 | 40 |
| 2024-04-30 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $0 | $98,963,208 | 12 |
| 2024-01-02 | D | Rule 506(c); Investment Company Act section 3(c)(1); Investment Company Act section 3(c)(7) | $0 | $0 | 0 |
Filed by Invesco Short Duration US Government Securities Fund, a separate series of Superstate Asset Trust (SEC CIK 2004367). Sold to date counts every sale since the first and does not show the fund’s size today. Ketju reads EDGAR daily and reviews this file again when a new filing appears.
The transfer agent’s SEC record
A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.
| Agent | SEC file | TA-2 period | Accounts | Issues with master file | Work it hires out |
|---|---|---|---|---|---|
| Superstate Services LLC | 084-06972 | 2025-12-31 | 107 | 0 | None |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | Yes | Yes | Yes | Yes | A single key holds the owner key. A single key, through a contract, can change the code with no delay. |
| Solana | Yes | No | Yes | Yes | No | An account only a program can sign for can freeze a holder and claw back tokens. |
| Plume Mainnet | No | Yes | Yes | Yes | Yes | A single key holds the owner key. A single key, through a contract, can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-27. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Owner | grant and revoke these powers | a single key | 0xad30…ca83 |
| Ethereum | Proxy admin | change the code | a contract run by a single key | 0xb9d2…2146 |
| Ethereum | Allowlist owner | decide who may hold, grant and revoke these powers | a single key | 0x7747…b2fe |
| Solana | Mint authority | mint new tokens | a single key | EfkJFK…egdz |
| Solana | Freeze authority | freeze a holder | an account only a program can sign for | 2Yq4T3…pM7x |
| Solana | Permanent delegate | claw back tokens | an account only a program can sign for | 2Yq4T3…pM7x |
| Plume Mainnet | Owner | grant and revoke these powers | a single key | 0xad30…ca83 |
| Plume Mainnet | Proxy admin | change the code | a contract run by a single key | 0xa5df…cfa3 |
| Plume Mainnet | Allowlist owner | decide who may hold, grant and revoke these powers | a single key | 0x7747…b2fe |
Ethereum: 4 contract reads, 4 functions in verified source, 2026-09-23
- eip1967.implementation=0xb3ac55dd09aa70e9bfbb12f45cd38a1f1597588c
- eip1967.admin=0xb9d285dcad879513dc9c1a3b2e0cccb21c3c2146
- owner()=0xad309bb6f13074128b4f23ef9ea2fe8552afca83
- paused()=false
- allowlist in verified source 0xb3ac…588c
- accountingPause in verified source 0xb3ac…588c
- adminBurn in verified source 0xb3ac…588c
- mint in verified source 0xb3ac…588c
Solana: 4 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=EfkJFKtVcpo8sgQGWLoaYcutxNdmqed81wdCcpn7egdz
- freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
- permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
- defaultAccountState=frozen
Plume Mainnet: 9 contract reads, 22 functions in verified source, 2026-09-27
- owner()=0xad309bb6f13074128b4f23ef9ea2fe8552afca83
- paused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x00000000000000000000000000000047df71dc5b
- decimals()=0x0000000000000000000000000000000000000006
- eip1967.implementation=0x2151706cb4763c20381a8860e25a713f6e1e3b93
- eip1967.admin=0xa5df717b304a50838c72cd310c8df636b1aecfa3
- eip1967.beacon=0x0000000000000000000000000000000000000000
- allowlist()=0x2e55171f6ebebbd1ea7ac2e8c97b50557f27d88c
- allowlist not on transfer path=allowlistV2
- allowlist in verified source 0x2151…3b93
- isAllowed in verified source 0x2151…3b93
- setAllowlist in verified source 0x2151…3b93
- allowlist.checkAllowlist in verified source 0x2151…3b93
- allowlist.isAddressAllowedForFund in verified source 0x2151…3b93
- allowlist.isAddressAllowedForPrivateInstrument in verified source 0x2151…3b93
- allowlist.isAddressAllowedForPublicInstrument in verified source 0x2151…3b93
- allowlist.isAllowed in verified source 0x2151…3b93
- allowlist.isAllowedPublic in verified source 0x2151…3b93
- allowlist.setAllowed in verified source 0x2151…3b93
- allowlist.setAllowedBatch in verified source 0x2151…3b93
- allowlist.setAllowedWithSignature in verified source 0x2151…3b93
- accountingPause in verified source 0x2151…3b93
- accountingPaused in verified source 0x2151…3b93
- accountingUnpause in verified source 0x2151…3b93
- isAccountingPaused in verified source 0x2151…3b93
- pause in verified source 0x2151…3b93
- paused in verified source 0x2151…3b93
- unpause in verified source 0x2151…3b93
- adminBurn in verified source 0x2151…3b93
- bulkMint in verified source 0x2151…3b93
- mint in verified source 0x2151…3b93
Where it trades
| Venue | Kind |
|---|---|
| Superstate subscription and redemption | issuer primary |
Redemption
| Route | Cutoff | Settlement | Settles in |
|---|---|---|---|
| Redeem with the issuer in its window | 1:00 p.m. Eastern for U.S. dollar requests | USDC redemptions settle immediately, including non-business days; U.S. dollar wires settle same day | USDC, USD |
- The allowlist contract, proxy admin, implementation, or owner on Ethereum changes, or the Solana freeze or permanent-delegate authority changes
- A NAV error, a forced burn, or a missed same-day or immediate redemption
- Ketju grades the Plume chain; Ketju will then read the Plume contract
- Superstate changes the qualified-purchaser requirement or the $100,000 minimum, or says which of its records governs ownership
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s and with the issuer’s published record, and its market quote with the issuer’s published NAV. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju reads EDGAR for the issuer’s Form D filings and the transfer agent’s registration and reviews the file again when a new filing appears. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has revised this file 4 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
| 2026-09-23 | Revised. Superseded the same day: the issuer lists “Accredited Investors and Qualified Purchasers” without saying whether both are required, and the file had taken the looser reading. When the terms are unclear the file takes the stricter one: qualified purchaser. |
| 2026-09-23 | Revised. Superseded to quote the issuer’s terms: the documents now say qualified purchasers, closing the open question; the administrator line named the wrong fund’s administrator, and Superstate does not say which of its records governs, so the claim model is now Not stated. |
| 2026-09-24 | Revised. Superseded to name the issuer’s own record. Superstate publishes USTB’s daily NAV per share and shares outstanding at api.superstate.co/v1/funds/1/nav-daily; the file now names it as the record source, so the monitor checks the market quote against the published NAV and the on-chain supply against the shares outstanding. The terms, contracts, and readings are unchanged. |
| 2026-09-27 | Revised. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change. |
Sources
- Superstate public fund API: USTB daily NAV, assets, and shares outstanding (fund 1) · primary · accessed 2026-09-24
Supports: NAV per share, shares outstanding, assets under management - Superstate docs: current Invesco USTB terms · primary · accessed 2026-09-23
Supports: $100,000 minimum unless waived, continuous NAV per share, same-day and immediate settlement, Ethereum, Solana, Plume, minimum, transfer, redemption - Superstate docs: full documentation export · primary · accessed 2026-09-23
Supports: accredited investor status, admin functions: mint, allowlist, forcible burn, AllowlistV3 and token contract addresses, BNY Mellon custodian, Northern Trust administrator - Superstate docs: fund eligibility, minimum and networks · primary · accessed 2026-08-01
Supports: accredited investors and qualified purchasers, allowlisted wallets - Superstate docs: security and ownership records · primary · accessed 2026-08-01
Supports: transfer agent keeps the ownership record - Verified implementation on Ethereum (Blockscout) · primary · accessed 2026-09-23
Supports: allowlist and isAllowed, pause and accountingPause, adminBurn, mint and bulkMint - Superstate Docs: Tokenized funds · primary · accessed 2026-09-23
Supports: who may-hold - Superstate Docs: Getting started · primary · accessed 2026-09-23
Supports: account types - Superstate Docs: Security · primary · accessed 2026-09-23
Supports: record - Superstate Docs: Smart contracts · primary · accessed 2026-09-23
Supports: freeze