Coinbase's asset management division has announced the launch of a stablecoin credit fund, dubbed CUSHY, which aims to provide investors with yield from lending activities tied to digital assets. The fund will offer tokenized shares, allowing investors to hold them on-chain through Superstate's platform, which will be available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years.
According to Anthony Bassili, president of Coinbase Asset Management, "Stablecoins are the foundation of the next financial era. With CUSHY, we are combining 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.
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 connective tissue 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 several more asset managers anticipated to adopt the platform in the coming months.