Asset management company Bitwise has entered the tokenization market, taking over the management of the Bitwise Crypto Carry Fund (USCC), a $259 million fund and the first on-chain product in the structure’s history. Interestingly, $XRP It has been incorporated into the fund’s basket of underlying assets on fully equivalent terms to BTC, ETH, and SOL.
Bitwise CEO Hunter Horsley commented on the launch, confirming the on-chain launch of the fund and reporting the first results. Total assets under management have exceeded $250 million, but the current 30-day yield is only about 4% annually.
Bitwise deployment $XRP To on-chain DeFi
Unlike traditional models, the fund does not bet on rising prices. Instead, it extracts profits from market inefficiencies through basis trading strategies. In other words, the USCC buys spot assets and simultaneously shorts futures on them. In this way, the product generates yield from the price difference or basis, completely ignoring the direction of the trend.
Bitwise’s first tokenized fund, USCC, Bitwise Crypto Carry Fund, was born.
The yield after 30 days is approximately 4%. >$250 million in assets under management. Can be used in Aave Horizon and Kamino.
Launched by Superstate and tokenized on the FundOS platform.
Check it out — https://t.co/Ji4q6Iwc3Y
— Hunter Horsley (@HHorsley) June 1, 2026
The main hook for institutions is to eliminate the “dead capital” problem, as the fund’s shares will be tokenized on Superstate’s FundOS platform. This makes USCC stock over-collateralized with liquidity, which DeFi giants Aave Horizon, Kamino, and Morpho have already accepted.
Larger players can take advantage of combos. Capital generates yield within the fund, while stablecoins can be instantly extracted as collateral for other transactions.
While the tokenized USCC is gaining traction with on-chain protocols, liquidity is being supplied to the NYSE by the Spot Bitwise ETF. $XRP One. As of this writing, the company has a net worth of $343.58 million, a stock price of $14.25, and cumulative net inflows of $471.17 million.
In the context of existing products, USCC effectively doubles the brand’s presence by creating two separate gateways. ETFs aggregate classic Wall Street money, and new funds package institutional capital into DeFi.
Importantly, this product is private to retail investors and fund shares will be distributed through private placements. This means the fund is available only to accredited investors, is not registered with the SEC, and its manager openly warns that achieving its investment goals is not guaranteed.
