Coinbase's asset management division has announced the launch of a credit fund linked to stablecoin markets, providing investors with on-chain access through a tokenized share class. The fund, known as the Coinbase Stablecoin Credit Strategy, targets institutional investors seeking yields from digital asset lending activities.
Investors can hold shares on-chain through Superstate's platform, with the fund available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, driven by the surge in stablecoin transactions and the doubling of stablecoin supply to $300 billion over the past two 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 move highlights a broader trend of asset managers embracing tokenization as a means to extend existing products and bring traditional finance activity to the blockchain environment.
CUSHY's tokenized share class is powered by FundOS, Superstate's platform for on-chain investment funds. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets, recently adopting the platform. Superstate co-founder Jim Hiltner noted, 'We are the bridge 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 use cases, with Superstate anticipating the adoption of its platform by several more asset managers in the coming months.