Superstate

Parameter	Description
Yield ID	`ethereum-usdc-superstate-ustb-vault`, `ethereum-usdc-superstate-uscc-vault`
Network	Ethereum
Deposit Token	USDC
Receipt Token	`USTB`, `USCC` (non-rebasing fund shares, 6 decimals)
Additional Rewards	None. All yield is embedded in NAV appreciation of the receipt token.
KYC	Required — on-chain allowlist
Minimum Requirement	100,000 USDC per fund, surfaced via `getStakeArguments`.

About

Superstate issues SEC-regulated tokenized funds as ERC-20 fund shares. Two funds are exposed natively through the Yield API, both denominated in USDC:

Fund	Receipt Token	Strategy	Eligibility
Invesco Short Duration US Government Securities Fund	`USTB`	Short-duration US government securities.	US Accredited Investors and Qualified Purchasers.
Bitwise Crypto Carry Fund	`USCC`	Crypto basis/carry — long spot BTC/ETH against short perpetual futures.	US Qualified Purchasers only.

On entry, the user deposits USDC via the fund token's subscribe function and receives fund shares at the current NAV. There are no separate reward tokens, no claim transactions, and no compounding actions — yield accrues through NAV appreciation of the fund share and is auto-compounding by construction.

Redemptions are off-chain settled: exit calls offchainRedeem, which burns the shares and queues a USDC payout processed by Superstate, typically at the next NAV strike (T+1).

Considerations

Subscribe / redeem flow

Action	On-chain call	Transaction type	Settlement
Enter	`subscribe(amount, USDC)` on the fund token	`STAKE`	Atomic — shares minted at NAV
Exit	`offchainRedeem(amount)` on the fund token	`UNSTAKE`	Off-chain by Superstate (T+1 estimate)

Entry is preceded by an APPROVAL transaction when the current USDC allowance is insufficient. There is no instant redemption path. While the redemption settles, the pending amount is tracked and surfaced as unstaking on the balance; the USDC payout lands directly in the user's wallet with no claim step.

NAV-priced value

USTB and USCC do not rebase — balanceOf is static after subscription. Yield accrues through NAV growth, read from each fund's on-chain NAV oracle, and the user's underlying value is computed as balance × navPerShare.

Fees

Both funds charge a management fee at the fund level (per Superstate's published fee schedule: 0.15% for USTB, 0.75% for USCC). There are no mint or redemption fees in the integration; the management fee is reflected in NAV.

Compliance layer

Both funds are KYC-gated by an on-chain allowlist: the fund token's isAllowed(address) check must pass before any transaction is constructed. Eligibility is deny-by-default with a fixed set of eligible jurisdictions and per-fund US investor tiers (USTB: Accredited Investor or Qualified Purchaser; USCC: Qualified Purchaser), verified through Superstate onboarding via third-party attestation.

KYC status is exposed through the unified KYC interface (GET /v1/yields/:id/kyc/status). A non-allowlisted wallet returns not_started with Superstate's registration page (https://superstate.com/register) as the authorizeUrl; attempting to transact before approval returns HTTP 412 Precondition Failed.

Minimum amounts

Each fund enforces a 100,000 USDC minimum subscription. Minimums are surfaced via getStakeArguments and enforced in preCheck; sub-minimum requests are rejected with 400 Bad Request before transaction construction.

List of Integration IDs

Yield ID	Yield	Network
`ethereum-usdc-superstate-ustb-vault`	Invesco Short Duration US Government Securities Fund	Ethereum
`ethereum-usdc-superstate-uscc-vault`	Bitwise Crypto Carry Fund	Ethereum