Superstate

Superstate is a tokenization platform that connects securities with crypto capital markets, enabling 24/7 global access and DeFi use cases. Its product line covers two sides of the market: FundOS, which lets asset managers tokenize private funds, mutual funds and ETFs on compliant rails; and Opening Bell, which lets public companies tokenize existing SEC-registered shares and raise capital directly on Ethereum and Solana. Superstate states that tokenized shares issued through its platform are the same legal shares that trade on exchanges such as Nasdaq or NYSE, rather than derivatives, wrappers or new share classes, and that holders retain the same legal rights as holders of traditional stock.

Compliance is enforced at the token level through allowlisted wallets, token-level permissioning and programmatic transaction restrictions. Superstate operates an SEC-registered transfer agent subsidiary, Superstate Services LLC, which registered with the SEC in March 2025, enabling real-time settlement and automatic updates to shareholder registries as tokens move onchain. Through the Direct Issuance Program, issuers set offering terms, investors subscribe with stablecoins and receive tokenized shares, and ownership is recorded on public blockchains via an SEC filing without an underwriter.

For investors, Superstate provides an onboarding portal with KYC, team roles and permissions, wallet allowlisting for Ethereum, Solana and Plume addresses, subaccounts, portfolio views across entities and integrated DeFi protocols, and institutional recordkeeping. Tokenized funds can be purchased or redeemed with USDC or bank wire, with shares issued or proceeds disbursed by the next business day, and assets are held with established service providers in a bankruptcy-remote trust structure. Supported public equities can also be migrated from a brokerage account into Superstate and minted onchain, or bridged back.

Founding story

Superstate was founded by Robert Leshner, a serial entrepreneur and co-founder of Compound Labs, together with Jim Hiltner and Dean Swennumson, both previously at Compound Treasury. In 2023 Leshner filed with the SEC for the new venture, which launched a fund investing in ultra-short-term government securities including US Treasuries and agency securities, with traditional transfer agents maintaining ownership records for fund holders.

Business model

Superstate operates a two-sided tokenization platform: it serves issuers (asset managers using FundOS and public companies using Opening Bell and the Direct Issuance Program) that want to place funds and equity onchain, and investors who onboard through Superstate's portal to hold yield-bearing tokenized funds and tokenized equities. It also works with integration partners such as wallets and exchanges that give their users access to Superstate's tokenized assets, and runs regulated market infrastructure including compliant issuance, settlement, transfer agency and shareholder recordkeeping.

Traction

Superstate reported assets under management exceeding $1.2 billion across its tokenized investment products as of January 2026. Its asset list includes the Invesco Short Duration US Government Securities Fund (USTB) with $823.00 million AUM, the Bitwise Crypto Carry Fund (USCC) with $139.60 million AUM, and the Coinbase USD Stablecoin Yield Fund (CUSHY) with $25.09 million AUM. Live tokenized equities include Galaxy Digital (GLXY), SharpLink Gaming (SBET), Forward Industries (FWDI), Exodus Movement (EXOD) and Solana Company (HSDT).

Latest developments

On January 22, 2026, Superstate announced an $82.5 million Series B led by Bain Capital Crypto and Distributed Global, saying it would use the capital to expand from tokenized Treasury products into a broader issuance layer for SEC-registered equities on Ethereum and Solana, invest in compliant issuance, settlement and shareholder recordkeeping systems, expand its transfer agent infrastructure and the Opening Bell platform to more issuers and distribution channels, and grow its engineering, legal and institutional finance teams. It also reported AUM above $1.2 billion and a partnership with the exchange Backpack for trading natively issued tokenized stocks.