- It will be run by a new company called Superstate.
- The purpose of the fund is to invest in “ultra-short” Treasury bonds
- At the same time, information about transactions and ownership will be displayed in the form of secondary records in the blockchain
Decentralized lender Compound CEO Robert Leshner has filed paperwork to register a new organization called Superstate. This is an investment company that will manage a fund of US Treasury “ultra-short” bonds with Ethereum-based accounting.
The new firm has already filed a prospectus with the SEC (Securities and Exchange Commission), but has not yet received permission. Leshner says his product will be able to compete with other crypto assets while remaining more regulated and transparent.
This confirmed and in the company:
“Our vision is to register with the SEC an investment product that can eventually compete with stablecoins, becoming a reserve asset and a settlement cryptocurrency.”
The fund will allow shareholders to keep track of their investments through an Ethereum-based infrastructure. In this case, the depositor may keep the bonds in a corporate account or with a licensed custodian.
The use of distributed registry technology will make servicing shareholders faster and easier. At the same time, this will not have any potentially negative impact on the quality of services.
Superstake has also made it clear that the company will not invest in cryptocurrencies, either directly or indirectly. Note that this is not the first such fund in the United States. In 2021, Franklin Templeton launched OnChain US Government Money Fund. It is the first investment fund in the US to record data, including ownership, via blockchain. At the end of April of this year, Franklin Templeton announced that they would integrate their product into the Polygon ecosystem.