Share this article
Compound Founder Forms 'Superstate' to Create Bond Fund With Ethereum for Record-Keeping
The new fund will invest in short-term U.S. government bonds, relying on a traditional Wall Street transfer agent for keeping track of holders but using Ethereum as a secondary record-keeping source.
Updated Jul 3, 2023, 3:42 p.m. Published Jun 28, 2023, 8:35 p.m.
Robert Leshner, CEO of decentralized lender Compound, submitted filings to U.S. securities regulators for "Superstate," a new company that will create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool.
According to a June 26 filing with the Securities and Exchange Commission, Superstate's fund will invest in "ultra-short duration government securities," including U.S. Treasury bonds, government agency securities and other government-backed instruments.
STORY CONTINUES BELOW
The fund will rely on a traditional Wall Street "transfer agent" to keep ownership records of the holders of the fund, the filing states.
However, it the filing continues, "ownership of certain fund shares also will be recorded on one or more blockchains, initially the Ethereum blockchain, in the form of the Secondary Blockchain Records."
"The adviser believes that a blockchain-integrated recordkeeping system may provide operational efficiencies and enhance shareholder experience without negatively impacting the quality of the services provided by the fund's transfer agent," according to the filing. "In the future, the fund's shares may also be available for purchase, sale, or transfer from one shareholder to another shareholder (or potential shareholder) 'peer-to-peer' on a blockchain by utilizing Secondary Blockchain Records."
In that case, "the transfer agent's official record would be reconciled and matched routinely with the Secondary Blockchain Records to effect any peer-to-peer transfers of shares," the filing states.
A separate filing on June 16 by Superstate Inc. indicated a plan to sell as much as $3.75 million of securities in the category of "option, warrant or other right to acquire another security."
Leshner tweeted Wednesday that "this is the first step on a long journey to upgrade financial markets."
"Eventually, hundreds of trillions of 'offline' assets will find their way onto blockchains," Leshner wrote. "We plan to facilitate that migration."
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Solana’s Drift Launches v3, With 10x Faster Trades
With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
What to know:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
Top Stories
