Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, dubbed CUSHY, which will provide institutional investors with the opportunity to access on-chain lending and private credit markets through a tokenized share class. The fund will be made available on multiple blockchain networks, including Ethereum, Solana, and Base, and will leverage Superstate's platform for tokenization. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, with the stablecoin market experiencing significant growth in recent years. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and the CUSHY fund aims to combine the efficiency of digital infrastructure with the rigor of traditional credit.
The fund's tokenized share class is powered by Superstate's FundOS platform, which enables asset managers to issue and manage blockchain-based shares alongside traditional ones. This approach is gaining traction, with Invesco, a leading asset manager, recently adopting the platform.
The partnership between Coinbase and Superstate is expected to facilitate the expansion of the fund across multiple blockchain networks and into decentralized finance use cases.