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What is Superstate? Tokenised Treasuries and USTB Explained

Superstate issues USTB — a tokenised US Treasury fund on Ethereum — bridging institutional fixed income and DeFi composability.

James ThorntonJune 2026Last reviewed: June 2026

Quick answer

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.

Market context

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Superstate vs Ondo Finance (2026)

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.

FAQ

Frequently asked questions

Data Sources

Superstate

Official Superstate website

Superstate on DeFiLlama

RWA metrics

SuperstateUSTBRWATokenised TreasuriesInstitutional DeFi

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