Compound founder Robert Leshner just announced ‘Superstate’ to launch an Ethereum-based bond fund for transparent record-keeping. Superstate’s objective is to create legally compliant financial instruments that connect traditional markets with blockchain ecosystems. The current obstacle faced by DeFi is the limited interoperability of assets that are native to the crypto space.
Nevertheless, it is envisioned that in due course, an extensive amount of offline assets worth trillions of dollars will migrate onto blockchain platforms. On Monday, the company submitted an initial prospectus to the SEC for the Superstate Short-Term Government Bond Fund. According to the filing, the fund will employ a conventional “transfer agent” from Wall Street to maintain a comprehensive record of the fund’s holders.
Furthermore, the filing affirms that “ownership of specific shares within the fund will also be recorded on one or more blockchains, starting with the Ethereum blockchain, through the utilization of Secondary Blockchain Records.”