Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, providing investors with on-chain access to tokenized shares. The fund, known as CUSHY, is designed for 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, which will be available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain.
This development reflects the increasing convergence of traditional credit markets and crypto infrastructure, driven by the growing adoption of stablecoins. According to Coinbase Asset Management President Anthony Bassili, 'Stablecoins are the foundation of the next financial era,' and CUSHY aims to combine the efficiency of digital platforms 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 approach is gaining traction, with Invesco, a leading asset manager, recently adopting the platform. Superstate's co-founder, Jim Hiltner, notes that the company serves as a bridge between on-chain demand and asset managers with institutional expertise.
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 adopt the platform in the coming months.