Coinbase's asset management division has announced the launch of a stablecoin credit fund, known as the Coinbase Stablecoin Credit Strategy (CUSHY), which will provide institutional investors with on-chain access to a tokenized share class. This move is part of a growing trend that bridges traditional credit markets and crypto infrastructure.
The fund will be available on Ethereum, Solana, and Base, a blockchain built on Ethereum, and will utilize Superstate's platform for tokenization. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and this new fund combines 'the efficiency of digital rails with the rigor of traditional credit.' The tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain, allowing asset managers to issue and manage blockchain-based shares alongside traditional ones.
This approach is gaining traction, with Invesco, a large asset manager, recently adopting the platform. The partnership is expected to expand the fund 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.