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, is designed for institutional investors seeking returns from lending activities tied to digital assets. It will be available on multiple blockchain networks, including Ethereum, Solana, and Base, and is expected to capitalize on the growing intersection of traditional credit markets and crypto infrastructure. The stablecoin market has experienced significant growth, with the supply of stablecoins doubling to $300 billion and monthly transaction volume tripling to $1.2 trillion over the past two years.
According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and the CUSHY fund represents a fusion of digital efficiency and traditional credit rigor. 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 leading asset manager, recently adopting the platform, and several more expected to follow in the coming months.