Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, known as the Coinbase Stablecoin Credit Strategy (CUSHY), which will provide institutional investors with on-chain access to tokenized shares. The fund will be available on multiple blockchain platforms, including Ethereum, Solana, and Base.
This development reflects the growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and CUSHY aims to combine the efficiency of digital transactions with the rigor of traditional credit. The fund's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain.
This move highlights a broader trend of asset managers embracing tokenization as a means to expand their product distribution and bring traditional finance activity to the blockchain environment. Superstate's platform is gaining traction, with Invesco, a prominent asset manager, recently adopting it.
The partnership is expected to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, with several more asset managers anticipated to join the platform in the coming months.