Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), which will provide institutional investors with on-chain access to tokenized shares. The fund will be made available on multiple blockchain networks, including Ethereum, Solana, and Base. This move represents a growing convergence of traditional credit markets and crypto infrastructure, with the stablecoin market experiencing significant growth in recent years.
According to Coinbase Asset Management President Anthony Bassili, 'Stablecoins are the foundation of the next financial era.' 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 prominent asset manager, recently adopting the platform.
The partnership is expected to facilitate the expansion of the fund across multiple blockchain networks and into decentralized finance (DeFi) use cases, with several more asset managers anticipated to join the platform in the coming months.