Coinbase's asset management division has launched a stablecoin-focused credit fund, dubbed CUSHY, which provides investors with on-chain access to shares through tokenization. The fund aims to generate yield from lending activities tied to digital assets, catering to institutional investors seeking exposure to this growing market. Investors can hold tokenized shares on-chain via Superstate's platform, with the fund available on 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 CUSHY combines 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.
Superstate expects several more asset managers to join the platform in the coming months, indicating growing momentum. The partnership will enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, according to Superstate CEO Robert Leshner.