RWA 比較
USTB 與 USCC：短期國債基金與含國債部位的加密貨幣基差基金之比較
僅按證據域比較。無總冠軍。 · 可發布
USTB · Superstate Short Duration US Government Securities Fund
- 代幣化私募基金
- 基金份額
- 國債利息
- 未知
USCC · Bitwise Crypto Carry Fund
- 加密套利基金
- 基金份額
- 期貨基差
- Ethereum +2
主要結構差異
- 主要收益來源不同：USTB 的收益為短期國庫券利息；USCC 的主要收益來源為加密貨幣期貨基差（carry）加次要的質押收益，其中的 USTB 部位僅用於現金／擔保品管理。
- 風險特性不同，現已釐清：USTB 承擔短期國債典型的存續期間／利率風險；USCC 的基差風險則為其「現貨長倉／期貨空倉」結構（涵蓋 CME 與 Coinbase 兩個期貨交易場所）的按市值計價風險，另加其 weETH／質押 SOL 持倉的質押風險——這些風險皆不會因持有 USTB 部位而消除。
- 共用基礎架構：雙方皆以 Superstate（Superstate Services LLC）作為過戶代理人／代幣化平台。
揭露
- 請勿因 USCC 持有 USTB 部位，就將其描述為等同於國債收益產品——依 USCC 自身的虧損分配順序（loss waterfall），該部位屬於流動性擔保品，並非優先虧損緩衝，亦不會消除基差、質押或期貨交易場所方面的虧損。
- USCC 目前在基差／質押／國債部位之間的持倉分配，於 Superstate／Bitwise 頁面上以隨時間變動的特定日期快照形式揭露——本文不將其記錄為固定配置。
域比較
法律請求權
USTB · Superstate Short Duration US Government Securities Fund基金份額 — Invesco Short Duration US Government Securities Fund 的基金份額，透過 Superstate 的 FundOS 過戶代理平台完成代幣化及過戶紀錄。
USCC · Bitwise Crypto Carry Fund基金份額 — Bitwise Crypto Carry Fund 的基金份額，透過 Superstate FundOS 完成代幣化。儘管持有 USTB 部位，仍不等同於國債收益產品。
收益來源
USTB · Superstate Short Duration US Government Securities Fund國債利息 (浮動)
USCC · Bitwise Crypto Carry Fund期貨基差 + 質押 (浮動)
底層
USTB · Superstate Short Duration US Government Securities Fund短期美國國庫券。
USCC · Bitwise Crypto Carry Fund包括 BTC、ETH、SOL 及 XRP 的現貨與託管持倉；質押／流動性質押持倉（質押 SOL、EtherFi 包裝的 eETH）；美元現金擔保品；USTB 短期國債部位；以及在 CME 與 Coinbase 上的 BTC、ETH、SOL、XRP 期貨空頭部位，用以實現該基金的現貨與期貨基差（cash-and-carry）策略。
損失承擔方
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.
贖回
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.
投資者資格
USTB · Superstate Short Duration US Government Securities FundAllowlisted holders only.
USCC · Bitwise Crypto Carry FundQualified Purchasers in supported jurisdictions.
託管
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.
費用
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 / 存續期
USTB · Superstate Short Duration US Government Securities Fund浮動收益 · 贖回時點：UNKNOWN
USCC · Bitwise Crypto Carry Fund浮動收益 · 贖回時點：Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
審計 / 鑑證
USTB · Superstate Short Duration US Government Securities Fund無結構化鑑證列
USCC · Bitwise Crypto Carry FundFund Audit (Ernst & Young LLP; 已核驗已結構化)
代幣控制
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.
監管結構
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.
證據時效
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
USCC · Bitwise Crypto Carry Fund2026-08-30
僅本地比較。禁用詞：safer、better、best、recommended、best yield、winner。Day-7：不部署。