Coinbase's asset management division has unveiled a stablecoin-focused credit fund, providing investors with on-chain access to tokenized shares through a partnership with Superstate. The fund, known as CUSHY, aims to attract institutional investors seeking to capitalize on the growing demand for digital asset lending.
By leveraging Superstate's tokenization expertise, the fund will be available on multiple blockchain networks, including Ethereum, Solana, and Base. This development highlights the increasing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years. According to Anthony Bassili, president of Coinbase Asset Management, '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 FundOS, Superstate's platform for bringing investment funds on-chain.
This approach is gaining traction, with Invesco, a leading asset manager, recently adopting the platform. As Jim Hiltner, co-founder of Superstate, 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 join the platform in the coming months.