Superstate Secures $82.5 Million to Advance Blockchain-Based Capital Markets
Superstate, a financial technology and tokenization firm, has successfully raised $82.5 million in a Series B funding round to further its efforts in modernizing capital markets through blockchain technology. According to Cointelegraph, the funding round was spearheaded by Bain Capital Crypto and Distributed Global, with additional contributions from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and other investors focused on cryptocurrency. Robert Leshner, CEO of Superstate, expressed gratitude towards the partners supporting the company's growth and innovation in capital markets transformation through tokenization.
Superstate currently manages over $1.23 billion in assets across two tokenized funds, as detailed on its website. The majority of these assets are held in the US Government Securities Fund (USTB), which boasts approximately $794.6 million in assets under management (AUM) and offers a yield of 3.52%. The Crypto Carry Fund (USCC) accounts for around $441.9 million, providing a higher yield of 5.58%. The company plans to utilize the newly acquired capital to expand its offerings beyond Treasury-backed products and develop a comprehensive onchain issuance layer for SEC-registered equities on Ethereum and Solana.
The New York-based firm has also announced plans to enhance its transfer agent platform and Opening Bell, a platform for tokenized public equities, to accommodate more issuers, workflows, and distribution channels. In late 2025, Superstate expanded its Opening Bell platform to support Direct Issuance Programs, enabling public companies to issue and sell digital shares directly to investors on public blockchains. As an SEC-registered transfer agent, Superstate manages issuance, settlement, and ownership records onchain, facilitating real-time trades and ownership updates, thereby streamlining fundraising and IPO processes while ensuring compliance.
Tokenized US Treasury products have emerged as one of the fastest-growing segments in the real-world asset market, expanding nearly 50-fold in less than two years as institutions seek onchain yield, as reported by Cointelegraph. The sector's market capitalization surged from under $200 million in early 2024 to nearly $7 billion by late 2025. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) has been a market leader, amassing close to $2 billion in assets by offering tokenized exposure to short-term Treasurys with daily yield and onchain settlement.
