On January 22, Superstate, an RWA tokenized asset management platform founded by Compound creator Robert Leshner, announced the completion of an $82.5 million Series B funding round. The round was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk, Intersection, and existing investors 1kx, ParaFi, and Road Capital.

Officials stated that this round of funding will be used to expand its business from tokenized treasury products to a fully on-chain stock issuance layer on Ethereum and Solana. Additionally, the company will continue to invest in regulated market infrastructure, including compliant issuance, settlement, and shareholder record-keeping systems, and expand its Opening Bell platform and transfer agent infrastructure to support more issuers and distribution channels.

What is Superstate?

In 2023, Compound founder Robert Leshner filed documents with the U.S. Securities and Exchange Commission (SEC) for his new company "Superstate," which would use Ethereum as an auxiliary record-keeping tool to create a short-term government bond fund. Superstate's fund would invest in "ultra-short-term government securities," including U.S. Treasuries, government agency securities, and other government-backed instruments, and would rely on traditional Wall Street "transfer agents" to maintain ownership records of fund holders.

In June, Superstate announced the completion of a $4 million seed funding round led by ParaFi, Cumberland, and 1kx.

In November of the same year, Superstate completed the first close of its Series A funding round, raising $14 million. The round was co-led by Distributed Global and CoinFund, with participation from Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ.

In February 2024, it launched a tokenized fund holding short-term U.S. Treasuries. In July, Superstate launched a new tokenized fund, the Superstate Crypto Carry Fund (USCC). This fund will use a "cash and carry" investment strategy to generate yield by purchasing spot Bitcoin and Ethereum and holding equivalent short positions or selling BTC and ETH futures to generate returns for holders. The spot assets are held by custody partner Anchorage Digital.

Superstate's Tokenization Development

In March 2025, Superstate announced that its digital transfer agent company, Superstate Services LLC, had registered with the SEC, a move aimed at connecting tokenized assets with the existing financial regulatory framework.

After this, benefiting from the U.S. push for RWA tokenization, Superstate's progress accelerated rapidly. The company first launched the Opening Bell platform, allowing SEC-registered public stocks to be issued and traded directly on blockchain networks, initially supporting Solana. Opening Bell supports the native issuance of compliant, regulated stocks that can interact directly with crypto wallets, DeFi protocols, and on-chain markets.

Subsequently, several companies chose to issue tokenized stocks on Superstate, including Galaxy's tokenized stock GLXY; U.S.-listed self-custody wallet company Exodus also plans to partner with Superstate to create common stock tokens, digitally representing Exodus' Class A shares; Solana treasury company Forward Industries (FORD) intends to tokenize its holdings of Forward Industries common shares. It also plans to partner with Drift, Kamino, and Jupiter Lend (three of the largest lending protocols on Solana) to use the tokenized FORD shares as eligible collateral; Ethereum treasury company SharpLink Gaming partnered with Superstate to issue tokenized stock SBET directly on the Ethereum blockchain.

In late 2025, Superstate launched a new blockchain-based service for conducting issuance programs directly on Ethereum and Solana. This service will enable companies to raise capital by issuing on-chain securities, including tokenized versions of their existing SEC-registered shares or new share classes. The first issuers are expected to go live in 2026. Investors will pay in stablecoins and receive tokenized assets.

The Series B funding round at the beginning of 2026 brings Superstate's total funding to over $100 million. According to its website, its Assets Under Management (AUM) now exceed $1.2 billion.

The Tokenization Process in 2026

The main theme of capital market infrastructure in 2026 is clear: faster settlement, higher liquidity, greater transparency, and lower capital requirements. Tokenization is moving from concept to practice at this time because the on-chain track is pulling issuance, distribution, custody, settlement, and asset reuse into the same set of programmable data and processes, with participants beginning to make decisions based on efficiency and verifiable results.

Incremental on-chain channels will emerge first on the financing side. In the short term, a dual-track model with traditional markets and on-chain markets operating in parallel will be more common. Traditional trading platforms handle deep liquidity, while on-chain markets provide more direct reach, faster distribution and settlement, and more flexible issuance structures. As compliant modules mature, this type of on-chain financing will expand from a few pilot projects to more scenarios like IPOs, additional issuances, and secondary offerings.

The key change on the asset side is the realization of functionality. Truly tokenized stocks and funds will not remain merely holding certificates but will gradually enter the DeFi ecosystem of collateral, lending, and composable strategies, moving traditional assets from isolated account structures to a composable on-chain capital market, thereby improving capital efficiency. However, this will also raise the requirements for compliance, risk control, clearing responsibilities, and technical security.

Stablecoins will become the engine driving demand for tokenized funds. As the scale of stablecoins expands, issuers and holders will have a stronger need for highly liquid, auditable, risk-controlled, and yield-generating on-chain assets. Therefore, tokenized short-duration treasury funds and money market-like products are more likely to become standard components for on-chain cash management and collateral. On the institutional side, custodial DeFi treasuries will become the main entry point, packaging multi-chain, multi-protocol, and 24/7 risk control into usable strategy interfaces, reducing operational and management costs for institutions.

The distribution end will continue to concentrate around super-apps. Wallets and trading platforms integrate payments, trading, yield, investment, and custody into a single product interface, with tokenized assets acting as connectors, helping users manage cash and long-term investments within the same system. For issuers and asset managers, the change in the distribution landscape is more critical. Those who can adapt early to the tokenized form, compliant transfer logic, and on-chain usability will more easily enter the supply pools of these super-apps and capture new growth.

Companies like Superstate may be among the first to reap significant rewards from the U.S. push for RWA tokenization. However, it seems the connection with ordinary investors will remain relatively weak in the short term, as early products are mostly targeted at institutions and accredited investors. Ordinary users primarily access them indirectly through wallets, trading platforms, and other entry points, and what they actually perceive is often not tokenization itself.