---
updatedAt: 2026-07-21T19:08:03.000Z
agentTools:
  projectIndex: https://docs.yield.xyz/llms.txt
---

# Superstate

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| 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 |

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