Superstate
Superstate provides blockchain-based tokenization infrastructure for traditional securities, operating FundOS for tokenized investment funds and Opening Bell for SEC-registered public equity on Ethereum, Solana, and Base, serving institutional asset managers, public companies, and DeFi protocols.
- Company typePrivate
- Founded2023
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Superstate does
Superstate is a New York-based fintech company founded in November 2023 by Robert Leshner that develops blockchain-based tokenization infrastructure connecting traditional securities with crypto capital markets. The company operates through two SEC-registered entities — Superstate Advisers LLC (a registered investment adviser) and Superstate Services LLC (a registered transfer agent) — and runs two core platforms: FundOS, infrastructure for tokenizing private funds, mutual funds, and ETFs on Ethereum, Solana, and Base, and Opening Bell, a platform for issuing and managing tokenized SEC-registered public company equity with Direct Issuance Programs (DIPs) that enable capital raises settled in stablecoins.
The product portfolio combines fund infrastructure (USTB, a short-duration US Treasury bill fund; USCC, a regulated crypto carry fund; and CUSHY, Coinbase Asset Management's stablecoin credit fund) with tokenized public equities (Galaxy Digital/GLXY, Forward Industries/FWDI, and Exodus Movement). Total tokenized AUM surpassed $1B by January 2026, and the company has raised $96.5M across three funding rounds (a $4M seed in June 2023, a $14M Series A in November 2023, and an $82.5M Series B in January 2026 led by Bain Capital Crypto and Distributed Global).
The business model is B2B infrastructure licensing and sub-advisory. Superstate has transitioned from direct fund management to a sub-advisory/infrastructure provider role: Invesco assumed management of USTB in March 2026, Bitwise assumed management of USCC in May–June 2026, and Coinbase Asset Management launched CUSHY on FundOS in April 2026. Revenue is generated through technology licensing fees for FundOS and Opening Bell, plus ongoing sub-advisory and infrastructure fees. The company targets institutional asset managers, SEC-registered public companies, DeFi protocols (Spark, EtherFi, Plume), and crypto-native retail/institutional channels (CoinList, Backpack Exchange) via enterprise field sales.
Superstate firmographics
Firmographics- Name
- Superstate
- Legal name
- Superstate
- Website
- https://superstate.co
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Superstate provides blockchain-based tokenization infrastructure for traditional securities, operating FundOS for tokenized investment funds and Opening Bell for SEC-registered public equity on Ethereum, Solana, and Base, serving institutional asset managers, public companies, and DeFi protocols.
- Ownership category
- akta.pro rank
Superstate industry classification
Industry- Product category
- Tokenization Infrastructure
- NAICS
- Investment Banking and Securities Intermediation (52315), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA)
- akta.pro secondary industries
- Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)
Keywords
Where Superstate is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Superstate business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Platform licensing / Technology fees: Superstate licenses its FundOS and Opening Bell infrastructure to asset managers and public companies. Revenue is generated through technology licensing fees for tokenization services and platform infrastructure access.
- Sub-advisory and infrastructure fees: Following transitions of fund management to partners (Invesco, Bitwise), Superstate continues as sub-adviser providing FundOS infrastructure and technical architecture, generating ongoing fees from infrastructure provision.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Bitwise Crypto Carry Fund (USCC): 0.75% management fee |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Superstate product offering
Product offeringCore offering
Superstate builds and licenses tokenization infrastructure that connects traditional securities with crypto capital markets. Its FundOS platform enables asset managers to tokenize private funds, mutual funds, and ETFs on compliant on-chain rails, while Opening Bell enables public companies to issue SEC-registered tokenized equity on Ethereum and Solana, including Direct Issuance Programs for stablecoin-settled capital raises.
Product overview
Superstate is a financial technology firm offering a dual-platform architecture centered on FundOS for tokenized fund issuance and Opening Bell for tokenized public equity. FundOS is the core infrastructure enabling asset managers to tokenize private funds, mutual funds, and ETFs with 24/7 on-chain access, stablecoin integration, and programmable compliance. The product portfolio includes USTB (a tokenized short-duration U.S. Treasury fund, now managed by Invesco), USCC (a crypto carry fund, now managed by Bitwise), and CUSHY (a Coinbase-issued stablecoin credit strategy on FundOS). Opening Bell extends the platform to SEC-registered public equities, enabling companies like Galaxy Digital and Forward Industries to tokenize shares on Ethereum and Solana, with the Direct Issuance Program allowing capital raises settled in stablecoins. The company connects traditional securities with crypto capital markets for global access and DeFi composability.
Differentiator
Problem solved
Functional benefit
Brands
- FundOS: Platform for tokenizing private funds, mutual funds, and ETFs, enabling asset managers to capture investor demand with 24/7 access and stablecoin integration.
- Opening Bell
Products and services
- FundOS Infrastructure platform for asset managers to tokenize private funds, mutual funds, and ETFs on compliant blockchain rails, offering 24/7 access, stablecoin integration, programmable compliance, and multi-chain deployment on Ethereum, Solana, and Base.
- Opening Bell Platform that enables SEC-registered public companies to issue and manage tokenized equity on Ethereum and Solana, including Direct Issuance Programs for capital raises settled in stablecoins, with token-level permissioning and programmatic compliance.
- Superstate Short Duration US Government Securities Fund (USTB) Tokenized short-duration U.S. Treasury Bill fund providing yield-bearing exposure to government securities with on-chain settlement and 24/7 transfer capability, now managed by Invesco.
- Superstate Crypto Carry Fund (USCC) Regulated crypto carry fund that seeks yield through market-neutral derivatives strategies across BTC, ETH, XRP, and SOL futures markets, now managed by Bitwise.
- CUSHY (Coinbase Stablecoin Yield Fund) Tokenized digital credit strategy fund operated by Coinbase Asset Management on Superstate FundOS, providing qualified investors credit exposure through on-chain infrastructure with 24/7 utility.
- Direct Issuance Programs (DIPs) Capital-raise mechanism for SEC-registered public companies on Superstate's Opening Bell platform, settling tokenized share issuance instantly against stablecoin payments via SEC-registered transfer agent infrastructure.
Quantifiable outcome
- Over $1 billion in tokenized fund products managed since Series A (November 2023)
- +2 more outcomes
Companies that use Superstate
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles3 records
Superstate technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
Superstate partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and flagship.
- Bitwise Asset ManagementcoreBitwise became investment manager of Superstate's Crypto Carry Fund (USCC), renamed Bitwise Crypto Carry Fund with $259M AUM. Superstate continues as sub-adviser providing FundOS infrastructure. The fund offers approximately 4% yield with 0.75% management fee and targets crypto-native institutional investors.
- CoinListcoreCoinList partnered with Superstate to offer tokenized equities and IPOs to its global user base of over 12 million users, scheduled for Q2 2026. Tokenized shares will provide direct on-chain ownership without wrappers, enabling true ownership utility across DeFi and trading venues.
- Coinbase Asset ManagementcoreCoinbase Asset Management launched CUSHY stablecoin credit fund using Superstate's FundOS platform for tokenized share issuance. Fund operates on Base, Solana, and Ethereum networks with Northern Trust for fund administration and Coinbase Prime for prime services. This was the first external fund issued on FundOS from inception.
- InvescocoreInvesco made a Series B investment in Superstate and became investment manager of Superstate's USTB tokenized treasury fund (over $967M AUM) in Q2 2026. This marks the first traditional asset manager to utilize Superstate's tokenization technology and digital transfer agent infrastructure. The firms will collaborate on additional tokenized investment products.
- EtherFi and PlumecoreEtherFi and Plume announced a $25M strategic allocation into Plume's Nest protocol, integrating Superstate's USCC as an RWA yield source. Partnership aims to expand access to institutional-grade RWA yield to over $6B in customer deposits.
- Backpack ExchangecoreBackpack launched on-chain IPO access enabling retail investors to receive direct IPO share allocations through Superstate infrastructure, bypassing traditional brokerages. Partnership positions retail users to claim real equity before traditional public listings.
- Galaxy DigitalflagshipGalaxy Digital became the first Nasdaq-listed company to issue SEC-registered equity on a public blockchain via Superstate's Opening Bell platform on Solana. Galaxy Digital participated in Superstate's Series B funding round.
- Forward IndustriesflagshipForward Industries launched SEC-registered tokenized shares on Solana through Superstate's Opening Bell platform. This marked the first time regulated public equity can be used as collateral in DeFi, integrated with Solana's Kamino lending protocol.
- Spark DeFicoreSpark, a DeFi lending platform, allocated $100 million from treasury (previously in US Treasuries) to Superstate's regulated USCC crypto carry fund to generate uncorrelated yields amid declining Treasury yields. The fund offers approximately 8-9% yield.
- Exodus MovementcoreExodus enabled shareholders to hold Class A shares as tokenized stock on Solana through Superstate's Opening Bell platform, making Exodus the first publicly traded company to offer tokenized stock on Solana and Algorand.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Superstate competitors and assessment
Company assessmentBroad incumbents
- WisdomTree: Has launched tokenized money market and treasury products and maintains an in-house tokenization and digital assets business — comparable to Superstate's positioning for traditional asset managers entering on-chain.
- BlackRock: Operates BUIDL (tokenized Treasuries via Securitize) and has filed for tokenized equity products — a massive incumbent with internal balance sheet that could disintermediate Superstate in tokenized fund issuance.
- Franklin Templeton: Operates the Franklin OnChain U.S. Government Money Fund (FOBXX) on Stellar and is expanding tokenized fund offerings — a traditional asset manager that has built proprietary tokenization rails alongside Superstate's partnerships.
Emerging players
- Libre Capital: Tokenization and on-chain fund infrastructure targeting institutional asset managers and family offices — competes with Superstate FundOS in the regulated fund tokenization niche.
- Backed Finance: Issues tokenized securities (equities, bonds) as ERC-20 tokens on-chain — direct overlap with Superstate's Opening Bell for public company equity tokenization.
- Plume Network: RWA-focused L2 blockchain partnering with Superstate (Plume Nest Vault) but also enabling tokenized funds and credit products on its own chain — competes partially in the RWA tokenization infrastructure layer.
Direct peers
- Ondo Finance: Issues tokenized U.S. Treasury and yield products (OUSG, OMMF) and operates Flux Finance for on-chain lending — a direct competitor in tokenized Treasuries and structured yield products that overlaps with Superstate's USTB and CUSHY.
- Centrifuge: Tokenizes real-world assets (private credit, receivables) on-chain through the Tinlake/Tinlake-style infrastructure, competing with Superstate FundOS for the tokenized private credit and RWA fund market.
- Securitize: Tokenization platform enabling issuers to bring regulated securities on-chain with built-in compliance, transfer agent services, and investor management — directly competing with Superstate's FundOS and Opening Bell offerings across funds and equities.
- Maple Finance: Institutional on-chain credit marketplace with tokenized yield products (syrupUSDC) and direct lending pools — comparable to Superstate's CUSHY-style stablecoin credit offerings and competing for DeFi treasury allocations.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Superstate social profiles
Digital presenceSuperstate compliance and trust
Trust signalCompliance2 records
Superstate financial estimates
Financial estimateRevenue estimate
Valuation estimate
Superstate leadership team
Management profileNumber of profiles
Profiles4 records
Superstate funding detail
Funding detailFunding overview
Funding rounds3 records
Investors24 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Superstate M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Superstate
What does Superstate do?
Superstate builds and licenses tokenization infrastructure that connects traditional securities with crypto capital markets. Its FundOS platform enables asset managers to tokenize private funds, mutual funds, and ETFs on compliant on-chain rails, while Opening Bell enables public companies to issue SEC-registered tokenized equity on Ethereum and Solana, including Direct Issuance Programs for stablecoin-settled capital raises.
Is Superstate a public or private company?
Superstate is a private company. It is classified as venture growth investor backed and is currently operating.
When was Superstate founded?
Superstate was founded in 2023. It employs 11 to 50 people.
Where is Superstate based?
Superstate is headquartered in San Francisco, United States, in the North America region.
How does Superstate make money?
Two revenue lines are on record. Platform licensing / Technology fees are the primary driver. The others are sub-advisory and infrastructure fees.
Who are Superstate's main competitors?
Broad incumbents on record are WisdomTree, BlackRock and Franklin Templeton. Emerging players are Libre Capital, Backed Finance and Plume Network. Direct peers are Ondo Finance, Centrifuge, Securitize and Maple Finance.
Does Superstate have an API?
No public API is recorded for Superstate.
What industry is Superstate in?
Superstate's product category is Tokenization Infrastructure. Its primary akta.pro industry code is FSAGAMAA, Tokenization Platforms (RWA, Securities, Funds), with a secondary code of FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity). Its NAICS code is 52315 and its SIC code is 6200.