Coinbase's asset management arm has unveiled a stablecoin-focused credit fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), which will provide institutional investors with on-chain access to tokenized shares through Superstate's platform. The fund will be available on Ethereum, Solana, and Base, a blockchain built on Ethereum. This development highlights the increasing convergence of traditional credit markets and crypto infrastructure, driven by the growing adoption of stablecoins. 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. This approach is gaining traction, with asset managers like Invesco adopting the platform to issue and manage blockchain-based shares alongside traditional ones.
The partnership between Coinbase and Superstate is expected to expand the fund's reach across multiple blockchain networks and into decentralized finance (DeFi) use cases.