Coinbase's asset management division has unveiled a stablecoin-focused credit fund, dubbed CUSHY, which will offer institutional investors the opportunity to generate yield from digital asset lending activities through a tokenized share class. Investors will be able to hold these tokenized shares on-chain via 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 rapid growth of stablecoin transactions, which have surged in recent years as more financial activities migrate to blockchains.
According to Coinbase Asset Management President Anthony Bassili, "Stablecoins are the foundation of the next financial era," and CUSHY represents the fusion of digital efficiency with traditional credit rigor. The fund's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain, which enables asset managers to issue and manage blockchain-based shares alongside traditional ones. This approach is gaining traction, with Invesco, a prominent asset manager, recently adopting the platform, highlighting a shift towards shared infrastructure rather than one-off tokenization efforts. Superstate expects several more asset managers to adopt the platform in the coming months, indicating early momentum beyond initial partners.