Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access through a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking yield from digital asset lending activity. Investors will have the option to hold shares on-chain via Superstate's platform, with the fund available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain.
This move reflects the growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years as financial activities migrate to blockchains. 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 fund's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain.
This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform. Superstate co-founder Jim Hiltner noted, 'We are the connective tissue between on-chain demand and managers with highly sophisticated institutional experience.' The partnership is expected to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, with Superstate anticipating several more asset managers to adopt the platform in the coming months.