Asset manager Bitwise has entered the tokenization market and taken over management of the Bitwise Crypto Carry Fund (USCC), a $259 million fund and the first on-chain product in the structure’s history. Interestingly enough, $XRP was included in the basket of the fund’s underlying assets, on absolutely the same terms as BTC, ETH and SOL.
Commenting on the launch, Bitwise CEO Hunter Horsley confirmed the on-chain launch of the fund and reported initial results: AUM exceeded $250 million, while the current 30-day annualized return remains at around 4%.
Bitwise implements $XRP in on-chain DeFi
Unlike traditional models, the fund does not bet on price increases. Instead, profits are extracted from market inefficiencies through a basic trading strategy: USCC buys spot assets and shorts futures on them at the same time. In this way, the product generates returns from the price difference, or basis, completely ignoring the direction of the trend.
Bitwise’s first tokenized fund is now live: USCC, the Bitwise Crypto Carry Fund.
~4% yield over 30 days. >$250 million assets under management. Can be used on 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 challenge for institutions is the elimination of the ‘dead capital’ problem as the fund’s shares are tokenized on Superstate’s FundOS platform. This converts USCC shares into liquid collateral already accepted by DeFi heavyweights Aave Horizon, Kamino and Morpho.
Big players get a combination: capital generates returns within the fund, while stablecoins can be immediately taken out as collateral for other deals.
As tokenized USCC gains traction in on-chain protocols, liquidity is being pumped into the NYSE by spot Bitwise ETFs, including the $XRP An. At the time of writing, net worth stands at $343.58 million with a share price of $14.25, while cumulative net inflows have reached $471.17 million.
In the context of existing products, USCC effectively doubles down on the brand’s presence by creating two independent gateways: the ETF aggregates classic Wall Street money, while the new fund packages institutional capital into DeFi.
Importantly, the product is closed to retail investors and fund shares are distributed through a private placement. This means that the fund is only available to qualified investors, is not registered with the SEC, and its managers openly warn that achievement of its investment objectives is not guaranteed.