Invesco has taken over Superstate, a tokenized US Treasury fund worth approximately $900 million. Both the fund code and token structure remain unchanged—only the management authority has switched to a larger institution. This move is more substantive than simply touting the RWA banner, indicating that on-chain government debt has begun entering the regular operations of traditional asset management. In the short term, it's a plus for related themes, but true continuity will depend on whether more institutions follow suit down the line.