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- Aave Horizon added Bitwise after USCC deposits crossed $120 million on its market.
- USCC became the Bitwise Crypto Carry Fund while Superstate keeps on-chain operations.
- The market supports stablecoin borrowing against tokenized real-world asset collateral.
Aave Horizon has added Bitwise to its institutional market after USCC crossed $120 million in deposits. USCC is now the Bitwise Crypto Carry Fund. The move expands tokenized collateral use in the institutional DeFi lending market.
Aave said USCC is a tokenized fund that earns yield through a market-neutral crypto-based strategy. The protocol said deposits on Aave Horizon have already passed $120 million. The update places Bitwise inside Aave’s real-world asset lending market for qualified participants.
Bitwise Takes Over USCC Investment Management
Aave also said USCC was created by Superstate in 2024. The fund was integrated with Aave Horizon in 2025. Bitwise became the fund’s investment manager this week, while Superstate continues to operate its on-chain infrastructure.
Bitwise had previously said it would assume investment management of the Superstate Crypto Carry Fund. The transition was expected on June 1, with the same ticker, smart contracts, and token address.
USCC provides qualified buyers with exposure to crypto-based strategies. These strategies attempt to profit from the spread between spot and futures prices. The fund also employs U.S. Treasury securities in a yield and risk management strategy across the cash-and-carry strategy.
According to Superstate’s fund page, USCC held $269.43 million in assets under management. It also included a 30-day yield of 5% and the management fee of 0.75%. Aave was listed as a DeFi integration on Ethereum, along with fund data connected with borrowing and lending.
Aave Horizon Supports Tokenized Fund Collateral
The same page displayed approximately 10.49 million shares of USCC associated with borrowings and lending. It additionally revealed a complete value locked of $121.59 million via that combination. Those figures match Aave Horizon’s role as a market for tokenized fund collateral.
Aave Horizon aims to serve institutional and qualified borrowers of stablecoins through tokenized real-world assets. It enables trusted RWA collateral to interact with the liquidity pools of trusted stablecoins. The assets supported include USDC, RLUSD, and GHO.
Aave Labs claims that the platform has 24/7 stablecoin liquidity for qualified investors. It is also designed to comply with issuer requirements. This structure provides tokenized funds with a way to leverage shares in DeFi lending without altering issuer controls.
For Bitwise, the move extends its tokenized fund platform beyond the realm of the traditional crypto. USCC deposits bolster Aave Horizon as an institutional RWA lending platform, not just crypto-native assets. Bitwise, Superstate, and Aave handle the investment management, on-chain infrastructure, and lending access, respectively.
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