Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, offering a tokenized share class for institutional investors to access on-chain. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets investors seeking yield from digital asset lending.
Investors can hold tokenized shares on-chain through Superstate's platform, available on Ethereum, Solana, and Base. This development highlights the growing convergence of traditional credit markets and crypto infrastructure.
Stablecoin transactions have surged, with the supply doubling to $300 billion and monthly transaction volume tripling to $1.2 trillion over the past two years. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era.' The fund's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets, recently adopting the platform. Superstate's co-founder, Jim Hiltner, noted that the company serves as the connective tissue between on-chain demand and institutional asset managers.
The partnership is expected to expand the fund across multiple blockchain networks and into decentralized finance use cases.