Bitwise has completed the transition of Superstate’s Crypto Carry Fund into the Bitwise Crypto Carry Fund, giving the asset manager its first tokenized fund and a clearer foothold in on-chain investment products. The move brings a crypto basis-trade strategy under Bitwise management while keeping Superstate’s infrastructure at the center of the fund’s operations.
The fund, which retains the USCC ticker, smart contracts and token address, is available to qualified purchasers and seeks to generate yield through crypto cash-and-carry trades. Bitwise’s June 1 update listed more than $259 million in assets under management, a 4% yield and a 0.75% management fee as of May 29, 2026.
Tokenized Funds Move From Wrapper to Utility
The significance of USCC is not only that it is tokenized, but that its shares can function inside on-chain credit markets. Tokenized fund shares are becoming usable balance-sheet instruments, rather than passive records of fund ownership.
Aave Horizon already supports USCC as a real-world-asset collateral option alongside other tokenized products, allowing eligible users to borrow stablecoins against tokenized fund exposure. That collateral pathway connects institutional fund shares with DeFi lending infrastructure, giving managers and protocols a more flexible way to manage liquidity.
Bitwise CEO Hunter Horsley framed the transition as part of a broader move in capital markets toward on-chain funds, pointing to transparency, accessibility and crypto basis yield as core features. Superstate founder Robert Leshner described the transaction as a validation of FundOS, the infrastructure platform that will continue to power issuance and digital transfer agency services for the fund.
Superstate is stepping back from fund management while remaining embedded in the operating stack. That division of labor is important, because it pairs a specialist asset manager with a tokenization platform rather than forcing one firm to control both investment strategy and fund infrastructure.
DeFi Collateral Creates a New Operating Model
For portfolio managers and trading desks, the immediate change is practical. Tokenized fund shares can support borrowing and liquidity management, allowing capital that would otherwise sit inside a fund wrapper to become collateral in approved on-chain markets.
That does not remove risk. Using fund shares as collateral introduces new dependencies, including smart-contract execution, lending-market liquidity, counterparty controls and the stability of the underlying basis strategy.
For DeFi venues, the transition strengthens the case for regulated real-world-asset collateral. Aave Horizon’s support for USCC shows how lending protocols can absorb tokenized institutional products without relying only on volatile crypto-native assets.
For Bitwise, the takeover broadens its product lineup beyond ETFs, private funds and staking strategies. The firm is now managing a live tokenized strategy with DeFi utility, positioning itself closer to the intersection of asset management, stablecoin liquidity and on-chain credit.
The broader market signal is clear: tokenized funds are moving from experimentation into operational use. If adoption deepens, the next phase will be defined by collateral standards, liquidity management, transfer-agent infrastructure and the ability of fund managers to make tokenized shares useful without weakening investor protections.
