Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to a tokenized share class. The fund, known as CUSHY, is designed for institutional investors seeking to capitalize on lending opportunities tied to digital assets. Investors will have the option to hold tokenized shares 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, driven by the surge in stablecoin transactions.
According to Coinbase Asset Management President Anthony Bassili, "Stablecoins are the foundation of the next financial era, and 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 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. Superstate co-founder Jim Hiltner noted, "We are the link between on-chain demand and asset managers with sophisticated institutional expertise." The partnership is expected to expand the fund's reach 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.