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, targets institutional investors seeking returns from digital asset lending activities. Investors can 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 platforms 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, a large asset manager, recently adopting the platform, highlighting a shift towards shared infrastructure and away from custom tokenization efforts.
Superstate expects several more asset managers to adopt the platform in the coming months, indicating early momentum beyond initial partnerships.