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, named Coinbase Stablecoin Credit Strategy (CUSHY), is designed for institutional investors seeking yield from digital asset lending activities. Investors will have the option to hold tokenized 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,' 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, allowing asset managers to issue and manage blockchain-based shares alongside traditional ones. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform. Superstate expects several more asset managers to follow suit in the coming months, indicating early momentum beyond initial partners.