TVL concentration (top-10 wallet share)
Superstate's assessment for RD-F-064 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Permissioned market (AllowList-gated); ~269 on-chain holder addresses per Substack analysis; Invesco/Superstate PR cites ~150 institutional investors onboarded. Qualified Purchasers only (large minimum investment). Top-10 concentration is structurally high but unquantifiable without on-chain AllowList enumeration. Yellow: concentration is structural and expected for this permissioned product type; no public Gini or top-10 share % available from primary sources. Medium confidence due to indirect holder-count source.
Sources #
- URLInvesco and Superstate Advance Institutional Tokenization Through USTB Partnership — PR Newswire 2026-03-24Invesco/Superstate PR: USTB has onboarded around 150 different institutional investors; ~$967M AUMretrieved 2026-05-16
- Superstate docs full text — AllowList access controlAllowList-gated access: docs describe AllowList contract gating all transfers and subscriptions; not openly tradeable on DEXretrieved 2026-05-16
- Understanding Tokenized Investment Funds with Superstate USTB and USCC — Stablecoin MusingsStablecoin Musings analysis: participation limited to 269 addresses, consistent with permissioned qualified-purchaser market; large average position sizeretrieved 2026-05-16
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →