2.5 trillion dollar asset management giant Invesco applies for a tokenized fund, targeting the stablecoin reserve market. This is not just a new player in the RWA赛道, but could also change the underlying asset structure of stablecoins.

Stablecoin reserve assets have long been dominated by Circle and Tether, but the entry of traditional asset management means compliant, low-cost treasury exposure will directly compete. If Invesco's fund is approved, stablecoin issuers may turn to such tokenized funds as reserves, thereby reducing counterparty risk.

But the risk lies in: tokenized funds rely on on-chain settlement and custody. If there is a large-scale redemption, will on-chain liquidity be sufficient to support it? The volatility of treasury ETFs in 2025 has already exposed similar issues. In addition, the classification of tokenized funds by regulators is still unclear, and the SEC's attitude will determine whether this narrative can be realized.

Changes in capital flows often start with infrastructure. This step by Invesco may be more worth tracking than any price K-line.

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