Key Highlights
- Bitwise Crypto Carry Fund shares worth over $120 million are already deposited on Aave Horizon.
- USCC was created by Superstate in 2024 and integrated with Aave Horizon in 2025.
- Bitwise has taken over investment management of the fund, while Superstate continues to operate the onchain infrastructure.
Aave has welcomed Bitwise to its Horizon market after USCC, now called the Bitwise Crypto Carry Fund, crossed more than $120 million in deposits on the institutional RWA lending platform.
In a post on X, Aave said USCC is a tokenized fund that earns yield through a market-neutral crypto basis strategy. The protocol added that more than $120 million worth of USCC has already been deposited on Aave Horizon.
Aave also clarified that USCC was originally created by Superstate in 2024 and later integrated with Aave Horizon in 2025. Bitwise became the fund’s investment manager this week, while Superstate continues to run the fund’s onchain infrastructure.
Bitwise had earlier announced that it would take over investment management of the Superstate Crypto Carry Fund and rename it the Bitwise Crypto Carry Fund. The transition was expected on June 1, with USCC keeping the same ticker, smart contracts, and token address.
How USCC Works
USCC gives qualified purchasers exposure to crypto basis strategies, which are designed to capture the difference between spot and futures prices. The fund seeks to manage yield and risk across crypto cash-and-carry trades and U.S. Treasury securities.
Superstate’s fund page showed USCC with $269.43 million in assets under management, a 30-day yield of 5.00%, and a 0.75% management fee. It also listed Aave as a DeFi integration on Ethereum, with about 10.49 million USCC shares and $121.59 million in TVL connected to borrowing and lending.
What is Aave Horizon?
Aave Horizon is built for institutional and qualified participants that want to borrow stablecoins against tokenized real-world assets. The platform allows permissioned RWA collateral to interact with permissionless stablecoin liquidity, including USDC, RLUSD, and GHO.
Aave Labs says Horizon was designed to let qualified investors access 24/7 stablecoin liquidity while respecting issuer compliance requirements. The market has become a key part of Aave’s RWA push, as tokenized funds look for ways to become usable collateral inside DeFi.
For Bitwise, the move expands its tokenized fund strategy beyond traditional crypto investment products. For Aave, the USCC deposit strengthens Horizon’s role as a lending venue for institutional RWA collateral rather than only crypto-native assets.
The development also shows how the tokenized fund market is becoming more modular. Bitwise is handling investment management, Superstate is running the onchain fund infrastructure, and Aave is providing the lending market where the tokenized shares can be used as collateral.
Also Read: Aave Restores rsETH Backing in Full, but $71M Court Battle Drags On
