Superstate Closes $82.5M Series B Backed by ParaFi and Institutional Giants to Transform Tokenized Capital Markets

Superstate has successfully closed an $82.5 million Series B funding round that signals major institutional confidence in blockchain-based capital markets infrastructure. The funding consortium, led by Bain Capital Crypto and Distributed Global, includes notable crypto-native investors ParaFi, Haun Ventures, Brevan Howard Digital, Galaxy Digital, and Bullish, underscoring the sector’s growing appeal to sophisticated institutional players.

A Formidable Investment Lineup Led by ParaFi and Industry Leaders

The breadth of the investor group reflects a compelling narrative: traditional finance infrastructure meets blockchain innovation. ParaFi’s participation alongside Bain Capital Crypto signals that major investment firms now view tokenized capital markets not as speculative territory but as essential infrastructure. CEO Robert Leshner emphasized the significance of this backing, stating that the capital will fuel the company’s mission to fundamentally reshape how capital markets operate through tokenization technology.

Asset Performance and Product Expansion Demonstrate Market Validation

Superstate currently stewards over $1.23 billion in assets across two specialized tokenized funds. The US Government Securities Fund (USTB) dominates the portfolio with approximately $794.6 million in assets under management, delivering a competitive 3.52% yield while maintaining Treasury-backed security. The Crypto Carry Fund (USCC) holds around $441.9 million and offers enhanced returns of 5.58%, showcasing the diversified yield opportunities available through tokenization.

These figures underscore significant market traction and investor appetite for onchain yield solutions. The dual-fund structure demonstrates Superstate’s ability to serve both risk-averse institutional investors seeking government-backed returns and more aggressive players seeking higher yields within crypto-native strategies.

Strategic Expansion Beyond Treasury Products

Superstate plans to deploy the newly acquired capital to broaden its product offerings well beyond Treasury-backed instruments. The firm is building a comprehensive onchain issuance layer specifically designed for SEC-registered equities on both Ethereum and Solana blockchains. This initiative positions Superstate at the forefront of equity tokenization.

The company will also enhance its Opening Bell platform, which specializes in tokenized public equities, and its transfer agent infrastructure. Since late 2025, Opening Bell has supported 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 the complete lifecycle of tokenized securities—issuance, settlement, and ownership records—entirely onchain, facilitating real-time trades and instant ownership updates while maintaining full regulatory compliance.

The Explosive Growth of Tokenized Treasuries Reshapes Institutional Behavior

The backdrop to Superstate’s funding success is the extraordinary expansion of tokenized US Treasury products, which have become one of the fastest-growing asset categories in the real-world asset (RWA) market. In less than two years, the sector expanded nearly 50-fold, growing from under $200 million in early 2024 to approximately $7 billion by late 2025. This explosive trajectory reflects institutional capital flooding onchain to capture yields while enjoying the benefits of continuous settlement and programmable functionality.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) emerged as a market leader in this space, accumulating close to $2 billion in assets by offering tokenized short-term Treasury exposure with daily yield distribution and onchain settlement. This institutional mega-player’s success validates the broader market thesis that tokenized yield-bearing assets represent the future of capital markets infrastructure.

Superstate’s expanded capital and enhanced platform capabilities position the company to capitalize on this transformative trend and establish itself as a critical settlement layer for the tokenized capital markets revolution.