Coinbase's asset management division has announced the introduction of a stablecoin credit fund, known as the Coinbase Stablecoin Credit Strategy or CUSHY. This fund is designed to cater to institutional investors seeking to capitalize on lending opportunities tied to digital assets. Investors will have the option to hold tokenized shares on-chain through Superstate's platform, with the fund being made available on Ethereum, Solana, and Base, a blockchain developed by Coinbase. The growing convergence of traditional credit markets and crypto infrastructure is reflected in this fund.
Over the past two years, the supply of stablecoins has doubled to $300 billion, while monthly transaction volume has tripled to $1.2 trillion. 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, enabling 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's co-founder, Jim Hiltner, noted that the company serves as the link between on-chain demand and asset managers with sophisticated institutional experience. The partnership is expected to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, with Superstate anticipating that several more asset managers will adopt the platform in the coming months.