Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to tokenized shares. The fund, known as CUSHY, targets institutional investors seeking yields from digital asset lending activities.
Investors can hold shares on-chain through Superstate's tokenization platform, with the fund available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain. This move reflects the growing convergence of traditional credit markets and crypto infrastructure, driven by the surge in stablecoin transactions and the doubling of stablecoin supply to $300 billion over the past two years. According to Anthony Bassili, president of Coinbase Asset Management, "Stablecoins are the foundation of the next financial era, and with CUSHY, we are combining the efficiency of digital infrastructure with the rigor of traditional credit." The fund's tokenized share class is powered by Superstate's FundOS platform, which enables asset managers to issue and manage blockchain-based shares alongside traditional ones. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform.
Superstate expects several more asset managers to follow suit in the coming months, indicating early momentum beyond initial partnerships.