RWA compare
USTB vs USCC: short-duration Treasury fund vs crypto carry fund with a Treasury sleeve
Evidence-domain compares only. No overall winner. · Publication ready
USTB · Superstate Short Duration US Government Securities Fund
- Tokenized private fund
- Fund share
- Treasury interest
- Unknown
USCC · Bitwise Crypto Carry Fund
- Crypto carry fund
- Fund share
- Futures basis
- Ethereum +2
Key structural differences
- Different primary yield source: USTB's yield is short-duration Treasury bill interest; USCC's primary yield source is crypto futures basis (carry) plus secondary staking, with a USTB sleeve used for cash/collateral management only.
- Different risk profile, now clarified: USTB carries duration/interest-rate risk typical of short Treasuries; USCC's basis risk is mark-to-market risk on its long-spot/short-futures construction (spanning both CME and Coinbase futures venues), plus staking risk on its weETH/staked-SOL positions — none of which is eliminated by holding a USTB sleeve.
- Shared infrastructure: both use Superstate as transfer agent / tokenization platform (Superstate Services LLC).
Disclosures
- Do not describe USCC as equivalent to a Treasury-yield product because it holds a USTB sleeve — per USCC's own loss waterfall, that sleeve is liquid collateral, not a first-loss stub, and does not eliminate basis/staking/futures-venue losses.
- USCC's current holdings split across basis/staking/Treasury sleeve is disclosed as a dated, time-varying snapshot on Superstate/Bitwise pages — not captured here as a fixed allocation.
Domain comparison
Legal claim
USTB · Superstate Short Duration US Government Securities FundFund share — Fund share in the Invesco Short Duration US Government Securities Fund, tokenized and transfer-recorded via Superstate's FundOS transfer agent platform.
USCC · Bitwise Crypto Carry FundFund share — Fund share in the Bitwise Crypto Carry Fund, tokenized via Superstate FundOS. NOT equivalent to a Treasury-yield product despite holding a USTB sleeve.
Yield source
USTB · Superstate Short Duration US Government Securities FundTreasury interest (Variable)
USCC · Bitwise Crypto Carry FundFutures basis + Staking (Variable)
Underlying
USTB · Superstate Short Duration US Government Securities FundShort-duration US Treasury bills.
USCC · Bitwise Crypto Carry FundSpot and custody positions in BTC, ETH, SOL, and XRP; staked/liquid-staked positions (staked SOL, EtherFi-wrapped eETH); USD cash collateral; a USTB short-duration Treasury sleeve; and short futures positions on CME and Coinbase (BTC, ETH, SOL, XRP) implementing the fund's cash-and-carry basis strategy.
Loss bearer
USTB · Superstate Short Duration US Government Securities FundUNKNOWN — fund-level loss allocation not itemized this pass beyond standard short-duration Treasury fund risk.
USCC · Bitwise Crypto Carry FundNo traditional credit first-loss stub is documented for USCC; loss exposure instead flows through mark-to-market movement of the fund's basis/carry positions and margin, per its published holdings.
Redemption
USTB · Superstate Short Duration US Government Securities FundRedemption via Superstate FundOS at NAV, subject to allowlist eligibility.
USCC · Bitwise Crypto Carry FundDaily redemption via USD or USDC (USDC redemption is processed through Circle as a third party), subject to a 5:00pm ET daily cutoff.
Investor eligibility
USTB · Superstate Short Duration US Government Securities FundAllowlisted holders only.
USCC · Bitwise Crypto Carry FundQualified Purchasers in supported jurisdictions.
Custody
USTB · Superstate Short Duration US Government Securities FundFund assets held per Invesco fund custody arrangements; specific custodian not itemized this pass.
USCC · Bitwise Crypto Carry FundCrypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.
Fees
USTB · Superstate Short Duration US Government Securities FundFund management fee (Invesco): UNKNOWN
USCC · Bitwise Crypto Carry FundManagement fee: 0.75% annual rate of USCC's average daily Net Asset Value; accrues daily, payable monthly in arrears; no performance-based fee or allocation.
Maturity / duration
USTB · Superstate Short Duration US Government Securities FundVariable yield · redemption timing: UNKNOWN
USCC · Bitwise Crypto Carry FundVariable yield · redemption timing: Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
Audit / assurance
USTB · Superstate Short Duration US Government Securities FundNo structured assurance row
USCC · Bitwise Crypto Carry FundFund Audit (Ernst & Young LLP; Verified structured)
Token control
USTB · Superstate Short Duration US Government Securities FundSuperstate FundOS-controlled issuance to allowlisted holders.
USCC · Bitwise Crypto Carry FundSuperstate FundOS-controlled issuance to allowlisted holders across supported networks (Ethereum, Solana, Plume) or as book-entry shares.
Regulatory structure
USTB · Superstate Short Duration US Government Securities FundUSTB represents shares in a private fund managed by Invesco, tokenized via Superstate's FundOS platform; offered to eligible/allowlisted investors, not the general public.
USCC · Bitwise Crypto Carry FundUSCC represents shares in the Bitwise Crypto Carry Fund managed by Bitwise Investment Manager, LLC, tokenized via Superstate's FundOS platform; offered to eligible/allowlisted investors, not the general public.
Evidence recency
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
USCC · Bitwise Crypto Carry Fund2026-08-30
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