Coinbase's asset management division has announced the launch of a stablecoin credit fund, dubbed CUSHY, which will provide investors with on-chain access to a tokenized share class. The fund is designed to cater to institutional investors seeking yield from lending activities tied to digital assets.
Investors will have the option to hold shares on-chain through Superstate's tokenization platform, with the fund being available on Ethereum, Solana, and Base, Coinbase's blockchain built on Ethereum. This development highlights the growing convergence of traditional credit markets and crypto infrastructure, with the supply of stablecoins doubling to $300 billion and monthly transaction volume tripling to $1.2 trillion in recent years. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and CUSHY aims to combine the efficiency of digital rails 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, which is gaining traction among asset managers.
Invesco, an asset manager with over $2 trillion in assets under management, has recently adopted the platform, underscoring a shift towards shared infrastructure rather than one-off tokenization efforts. Superstate co-founder Jim Hiltner noted that the platform serves as the connective tissue between on-chain demand and 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 several more asset managers to adopt the platform in the coming months.