The sharpest money on Wall Street is quietly changing tracks.
On January 22, Compound founder Robert Leshner's RWA tokenized asset management platform Superstate officially announced the completion of a $82.5 million Series B funding round. The news broke simultaneously in both the crypto and traditional asset management circles—this is the largest on-chain asset management financing at the start of 2026, and it also brings Superstate's total financing to over $100 million, with assets under management (AUM) exceeding $1.2 billion.
Money itself is not surprising; what is surprising is the way money is used:
Bain Capital Crypto, Distributed Global, Haun Ventures, Brevan Howard Digital, Galaxy Digital... a lineup of 'New Crypto squads' within the 'Old Money'. They are not here to gamble on concepts; they are here to obtain licenses, secure positions, and seize profits.
01 From 'government bonds on-chain' to 'stock-native': Superstate's triple jump.
In 2023, Superstate's first SEC document had only one sentence: 'Use Ethereum for auxiliary accounting to issue a super short-term government bond fund.'
At that time, the market was still in a bear market, and RWA (Real-World Asset) was just 'politically correct' in small circles—everyone knows that on-chain requires a risk-free interest rate, yet no one dares to bet on regulatory rhythms.
In February 2024, the USTB fund went live, and within just 10 weeks, AUM exceeded 100 million USD, with underlying assets being US Treasury bonds of 0–3 months duration, available for real-time on-chain checking, instant subscription/redemption, and T+0 settlement.
In July, the USCC fund upgraded again, with the 'spot long + futures short' arbitrage strategy, putting basis profits into on-chain ERC-20 tokens, achieving a net subscription of 430 million USD in six months.
In March 2025, Superstate moved the heaviest compliance burden of 'transfer agents' on Wall Street onto the chain—Superstate Services LLC registered with the SEC as a digital transfer agent, equating to giving traditional stocks 'ID cards' on-chain a green light.
Thus, the Opening Bell platform was born:
• Supports Solana native issuance of SEC registered stocks.
• Stock tokens can be directly used in wallets like Phantom, Backpack, etc.
• Can be used as collateral with DeFi combinations like Jupiter, Kamino, Drift, etc.
Galaxy, Exodus, Forward Industries, and SharpLink Gaming are lining up to issue shares. 'IPOs no longer ring bells but mint on-chain.'
02 Two dark lines for 2026: stablecoin 'flooding' + trust-based DeFi vault.
Why precisely at this moment? Because the scale of stablecoins has surpassed 220 billion USD, and on-chain 'cash pools' are large enough to seek risk-free returns.
In the past, institutions put dollars into Circle to earn a 4.3% reserve yield; now, by swapping USDC for USTB, it instantly becomes 'on-chain reverse repurchase', and can also be used as collateral for leverage, improving capital efficiency by over 30%.
On the other side, the trust-based DeFi vault is replacing traditional brokerage accounts.
Brevan Howard, BlackRock, and Franklin Templeton package government bond ETFs into '40-Act funds', then break them down into ERC-20 shares, with 24-hour risk control, multi-link routes, and automatic clearing and settlement, allowing institutions to complete 'cash management + leveraged lending + derivatives hedging' with just one wallet address.
What Superstate snatched is precisely this 'flood outlet':
• The upstream obtains SEC licenses to act as 'digital transfer agents + compliant issuance'.
• The midstream handles 'on-chain stocks + government bond funds' asset side.
• Downstream integration with wallets, exchanges, DeFi protocols, acting as a 'super entry for on-chain distribution'.
In one sentence: move Wall Street's 'issuance-custody-settlement' stack on-chain, and sell the on-chain 'money-assets-leverage' packaged to institutions.
03 How should ordinary investors benefit from the dividends?
It's very cruel; early Superstate products are only open to accredited investors, while retail investors can only watch from behind the glass.
But don't be discouraged; dividends will spill over from 'institutions → entry → retail investors':
1. Wallet entry: Backpack and Phantom now support direct purchase of USTB, starting from 100 USD, with flexible deposits and withdrawals, and interest rates of 4.5%–5.0%, which is 10 times higher than bank savings.
2. Exchange entry: Coinbase has launched the USTB-USDC trading pair, and the prototype of 'crypto balance treasure' has emerged, with the next step supporting Opening Bell stock tokens.
3. DeFi entry: Kamino lists USTB as collateral, with TVL skyrocketing by 280 million USD in one week; Jupiter Lend plans to launch a 'USTB leverage pool', allowing retail investors to leverage a 30,000 USD government bond exposure with just 10,000 USD.
When the on-chain risk-free return exceeds the off-chain, when on-chain stocks can be traded globally with T+0, when stablecoins become the default cash—
‘Retail investors may be late, but they will definitely catch the ride.’
04 Risks and regulation: The gray rhinoceros behind the dividends.
• Interest rate risk: If US Treasury yields fall below 3%, the attractiveness of USTB decreases, and funds may flow back to off-chain money market funds.
• Liquidity risk: The Opening Bell stock token currently has an average daily transaction of only 8 million USD, with insufficient depth, and a flash crash possibility of 10%.
• Regulatory risk: With the SEC's reorganization imminent, if RWA policies tighten, the digital transfer agent license may face additional audit requirements, and compliance costs may soar.
In one sentence: Don't be blinded by high yields; position control and diversification remain iron rules.
05 In conclusion: When 'the chain' becomes Wall Street's new infrastructure.
82.5 million USD is not the end; it is merely the entry ticket for traditional asset management giants' 'chain transformation'.
In 2026, we will see:
• More IPOs go directly on-chain, with 'ringing the bell' turning into 'mint'.
• The stablecoin liquidity pool treats government bond ETFs as the 'underlying balance treasure'.
• Retail investors can buy interest-bearing stocks + on-chain dividends + 24-hour trading through wallets.
Superstate is just the first icebreaker; the real ocean fleet is still behind.
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