US Digital Assets: Private Co. Spotlight – Superstate: Regulated Infrastructure for the Tokenization Era

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US Digital Assets: Private Co. Spotlight – Superstate: Regulated Infrastructure for the Tokenization Era

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27 Jul 2026 09:48:02 ET │ 15 pages

US Digital Assets

Private Co. Spotlight – Superstate: Regulated Infrastructure for the

Tokenization Era

Peter Christiansen, CFA AC

CITI'S TAKE +1-212-816-8702

In order to deepen our understanding of the emerging "real-world asset" peter.christiansen@citi.com

tokenization opportunity, we spent time with Superstate, a private Aditi Balachandrancompany operating at the intersection of blockchain infrastructure and

RWA tokenization. Founded in June 2023 by Robert Leshner, co-founder of +1-212-816-0903

Compound Finance, Superstate is registered with the SEC as both an aditi.balachandran@citi.com

investment adviser and transfer agent, a dual registration few competitors

have achieved. Key takeaways include: (i) the company is consistently

onboarding new funds against a pipeline it characterizes as spanning

trillions in AUM; (ii) Coinbase Asset Management has selected Superstate

as a platform partner; (iii) Invesco and Bitwise have assumed investment

management of Superstate-built funds while Superstate retained on-chain

infrastructure control; and (iv) the Direct Issuance Program enables SEC-

registered companies to raise capital directly on-chain via stablecoin

settlement, bypassing traditional underwriting intermediaries at issuance

costs estimated 100–200bps below conventional add-on offerings.

Strategic Differentiation via Opening Bell and Fund OS — Superstate's product

suite spans three verticals: tokenized private funds (USTB at ~$827m AUM, USCC at

~$241m AUM), tokenized equities traded 24/7 primarily on Solana, and issuer

infrastructure via Opening Bell and the Direct Issuance Program. Opening Bell