Invesco has taken over Superstate, a tokenized U.S. Treasury fund worth approximately $900 million, with the fund code and token structure remaining unchanged. The only change is that management authority has shifted to a larger institution. This move is more substantive than simply promoting RWA rhetoric, indicating that on-chain treasury bonds have begun entering the routine operations of traditional asset management. In the short term, this is a plus for related themes, but the real sustainability will depend on whether more institutions follow suit afterward.