Hey all!
I’m excited to join the ENS community. I lead Protocol Relations at Superstate, an asset management firm founded by Robert Leshner, building tokenized financial products.
We are incredibly enthusiastic about ENS as core infrastructure in the Ethereum ecosystem and use its products both as a company and individually.
We noticed ENS balance sheet’s stablecoins are sitting idle, in legacy strategies, and believe we can help diversify the Endowment. By further activating your capital, you can finance growth, invest in the development of Namechain, support increased service provider budgets, and extend the runway for years to come. Protecting ENS DAO’s capital and preserving purchasing power is extremely important and is possible with Superstate’s liquid, bankruptcy-remote products.
Superstate offers a suite of tokenized funds, including USTB, a tokenized T-Bill fund, and USCC, a tokenized crypto cash-and-carry fund, collectively known as “Superstate Funds.” Learn more about Superstate here: superstate.co | superstate.co/ustb | superstate.co/uscc
We are a crypto-native asset management firm and work with a number of the largest protocols in the space to help onchain institutions, DAOs, Foundations, such as Arbitrum, Ethena, Omni, and Frax optimize balance sheets, stablecoin reserves, and insurance funds. We not only manage proprietary funds, but build technology compatible with crypto-native institutions (like ENS DAO, Karpatkey) ,improving access to traditional investments through highly crypto-native products that inherit properties of onchain tokens but are backed by exceptional quality, liquid, transparent Funds. We would love to start a relationship with the community to evaluate how ENS, in partnership with current treasury managers, can begin to ramp up diversifying its stablecoin positions and activating idle capital in a pragmatic manner over the coming months.
Our Core Products:
Superstate supports the most common Foundation entity types, including US, Cayman, and BVI, and many more via Reverse Solicitation, only available for Qualified Purchasers.
| Fund | Ticker | Strategy / Holdings | Current Net Yield (as of 02/20/2025) | AUM (as of 02/20/2025) | Subscription / Redemption | Liquidity |
|---|---|---|---|---|---|---|
| Superstate Short Duration US Government Securities Fund | USTB | Short Duration US Treasury Bills | 4.06% | $301.01M | USDC (on Ethereum or Solana) and Cash | Instant, up to $10M USDC daily. Otherwise, T+0 |
| Superstate Crypto Cash and Carry Fund | USCC | Market-Neutral Crypto Cash and Carry; Long Spot ETH / BTC, paired with Short Forwards | 7.30% | $104.6M | USDC (on Ethereum or Solana) and Cash | T+1 |
To view Fund’s current AUM, weekly holdings, and daily NAV/S, please visit:
Our Benefits & Partners
Both products are designed to integrate seamlessly into DeFi ecosystems and chain agnostic, providing DAOs and its treasury managers::
- Compatible with stablecoins
- Non-custodial tokens minted directly to the DAO’s multi-sig
- Regulatory compliant funds
- Exceptional transparency and asset safety
- Competitive, sustainable yield and quick liquidity
These Funds help support key infrastructure within DeFi and DAOs, including:
- Arbitrum’s Treasury
- Frax’s frxUSD Reserves
- Ethena’s Reserve Fund
- M0’s M Investment Structures
- Mountain’s USDM Reserves
- Anzen’s USDz
- Omni’s Treasury Management
Many of these communities selected Superstate’s products through committee decisions—including Risk, Audit, Legal, and Financial Advisory firms—and rigorous due diligenceWe’re building our products to be fully composable across all DeFi, as exampled by key features of USTB (not yet available to USCC, but soon):
1. Continuous Pricing
- Earn interest by the second and mint tokens instantly.
- Our custom onchain oracle provides continuous pricing, updated with each new Net Asset Value (NAV). This is powered by a Chainlink data feed.
The oracle provides continuous pricing by using linear interpolation between the most recent NAV/S checkpoints. Any smart contract can request this price, with the oracle utilizing the Chainlink AggregatorV3Interface to ensure compatibility.
2. Protocol Mint & Redeem
- Mint or redeem shares atomically at real-time prices
- Access a $10M USDC instant redemption facility, refilled twice daily, with atomic smart contract calls for seamless operations
USTB enables protocols to mint and redeem shares at real-time prices, allowing organizations like ENS to ensure faster, predictable settlements and access to liquidity.
Conclusion
Superstate is well-positioned to support ENS’ treasury management teams by offering sustainable, long-term yield solutions and enhancing financial stability.
We look forward to working with the current treasury managers to recommend an initial allocation and eventually ramp up to upgrade Endowment permissions.
Here are a few ideas (and more) we’d like to explore with the ENS community:
– Migrate DAI to USDS, and stake for sUSDS (in progress, here)
– Considering upgrading 50% of stablecoin reserves to market-neutral, higher yield products
– Explore the use of USTB for Protocol Mint and Redeem, up to $10M in exposure
This is particularly true with the recent update of The ENS Investment Policy Statement allowing US Treasury Bill wrappers as eligible holdings.
For next steps, join us on a X Space on Tuesday 03/04 at 12:00 PM EST (17:00 UTC-5) to meet the Superstate team and discuss our efforts in ENS and beyond!
https://twitter.com/i/spaces/1BRJjmbBWOBGw
We hope to collaborate with ENS – and Karpatkey and Avantgarde– to upgrade the status quo and put idle stablecoin reserves to work. Please don’t hesitate to reach out—we’re excited to connect with the ENS community and explore ways to collaborate (or just talk crypto).
Twitter & Telegram: @francisgowen
Email: fig@superstate.co
Website: superstate.co