RWA 比较
USTB 与 USCC：短期国债基金与含国债部位的加密货币基差基金之比较
仅按证据域比较。无总冠军。 · 可发布
USTB · Superstate Short Duration US Government Securities Fund
- 代币化私募基金
- 基金份额
- 国债利息
- 未知
USCC · Bitwise Crypto Carry Fund
- 加密套利基金
- 基金份额
- 期货基差
- Ethereum +2
主要结构差异
- 主要收益来源不同：USTB 的收益为短期国库券利息；USCC 的主要收益来源为加密货币期货基差（carry）加次要的质押收益，其中的 USTB 部位仅用于现金／担保品管理。
- 风险特性不同，现已厘清：USTB 承担短期国债典型的存续期间／利率风险；USCC 的基差风险则为其「现货长仓／期货空仓」结构（涵盖 CME 与 Coinbase 两个期货交易场所）的按市值计价风险，另加其 weETH／质押 SOL 持仓的质押风险——这些风险皆不会因持有 USTB 部位而消除。
- 共用基础架构：双方皆以 Superstate（Superstate Services LLC）作为过户代理人／代币化平台。
披露
- 请勿因 USCC 持有 USTB 部位，就将其描述为等同于国债收益产品——依 USCC 自身的亏损分配顺序（loss waterfall），该部位属于流动性担保品，并非优先亏损缓冲，亦不会消除基差、质押或期货交易场所方面的亏损。
- USCC 目前在基差／质押／国债部位之间的持仓分配，于 Superstate／Bitwise 页面上以随时间变动的特定日期快照形式揭露——本文不将其记录为固定配置。
域比较
法律请求权
USTB · Superstate Short Duration US Government Securities Fund基金份额 — Invesco Short Duration US Government Securities Fund 的基金份额，通过 Superstate 的 FundOS 过户代理平台完成代币化及过户纪录。
USCC · Bitwise Crypto Carry Fund基金份额 — Bitwise Crypto Carry Fund 的基金份额，通过 Superstate FundOS 完成代币化。尽管持有 USTB 部位，仍不等同于国债收益产品。
收益来源
USTB · Superstate Short Duration US Government Securities Fund国债利息 (浮动)
USCC · Bitwise Crypto Carry Fund期货基差 + 质押 (浮动)
底层
USTB · Superstate Short Duration US Government Securities Fund短期美国国库券。
USCC · Bitwise Crypto Carry Fund包括 BTC、ETH、SOL 及 XRP 的现货与托管持仓；质押／流动性质押持仓（质押 SOL、EtherFi 包装的 eETH）；美元现金担保品；USTB 短期国债部位；以及在 CME 与 Coinbase 上的 BTC、ETH、SOL、XRP 期货空头部位，用以实现该基金的现货与期货基差（cash-and-carry）策略。
损失承担方
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.
赎回
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.
投资者资格
USTB · Superstate Short Duration US Government Securities FundAllowlisted holders only.
USCC · Bitwise Crypto Carry FundQualified Purchasers in supported jurisdictions.
托管
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.
费用
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.
到期 / 久期
USTB · Superstate Short Duration US Government Securities Fund浮动收益 · 赎回时点：UNKNOWN
USCC · Bitwise Crypto Carry Fund浮动收益 · 赎回时点：Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
审计 / 鉴证
USTB · Superstate Short Duration US Government Securities Fund无结构化鉴证行
USCC · Bitwise Crypto Carry FundFund Audit (Ernst & Young LLP; 已核验已结构化)
代币控制
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.
监管结构
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.
证据时效
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
USCC · Bitwise Crypto Carry Fund2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。