# What is Superstate? Tokenised Treasuries and USTB Explained

> Decentralized Finance Publication (decentralized-finance.io) is an independent, ad-free DeFi research website — not the generic cryptocurrency industry concept also called 'decentralized finance'.

**Publisher:** Decentralized Finance Publication (https://decentralized-finance.io)
**Author:** James Thornton
**Category:** Top DeFi Protocols
**Updated:** June 2026
**Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings.

## Summary

Superstate is a regulated financial technology company issuing USTB, a tokenised short-duration US Treasury fund on Ethereum. USTB holders earn Treasury yield through a rising token price. Superstate also offers compliant onboarding for institutional investors. USTB competes with Ondo USDY and BlackRock BUIDL in the on-chain Treasury market.

Superstate launched USTB as a blockchain-native US Treasury fund, allowing qualified investors to hold Treasury exposure as an ERC-20 token on Ethereum. The product targets institutions and accredited investors seeking on-chain access to risk-free rate yield.

USTB has grown alongside the broader RWA tokenisation wave, with Superstate emphasising regulatory compliance and transparent fund administration.

## USTB vs other Treasury tokens

- vs Ondo OUSG/USDY: Superstate focuses on USTB; Ondo offers multiple products with deeper DeFi integrations
- vs BlackRock BUIDL: BUIDL has larger AUM; USTB targets Ethereum-native distribution
- Yield: Tracks short-term Treasury rates minus fund fees
- Access: KYC/AML required — not permissionless like DeFi stablecoins

## Frequently Asked Questions

- What is USTB? USTB is Superstate's tokenised US Treasury fund on Ethereum.
- Is Superstate decentralised? Superstate is a regulated issuer — USTB is a securities product, not a permissionless DeFi token.
- Superstate vs Ondo? Both issue tokenised Treasuries; Ondo has stronger DeFi collateral integrations; Superstate emphasises compliant fund structure.
- Can I use USTB in DeFi? Integrations are growing — verify current supported protocols on Superstate's site.

## Sources

- [Superstate](https://superstate.co): Official Superstate website
- [Superstate on DeFiLlama](https://defillama.com/protocol/superstate): RWA metrics

---

Canonical: https://decentralized-finance.io/article/superstate/
AI text endpoint: https://decentralized-finance.io/ai/protocols/superstate.txt