Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking yield from lending activities tied to digital assets. Investors can hold shares on-chain through tokenization specialist Superstate's platform, 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 supply. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and CUSHY combines the efficiency of digital infrastructure 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, 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 acts as the connective tissue between on-chain demand and asset managers with sophisticated institutional experience. The partnership is expected to expand the fund across multiple blockchain networks and into decentralized finance (DeFi) use cases, with several more asset managers anticipated to adopt the platform in the coming months.