Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, providing investors with on-chain access to a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), is designed for institutional investors seeking to capitalize on yield opportunities in the digital asset lending space. Investors will have the option to hold tokenized shares on-chain via Superstate's platform, with the fund 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. Over the past two years, the supply of stablecoins has doubled to $300 billion, while monthly transaction volumes have tripled to $1.2 trillion. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era.
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 enables asset managers to issue and manage blockchain-based shares alongside traditional ones, without requiring custom token structures. The trend of tokenization is gaining momentum, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform.
As Jim Hiltner, co-founder of Superstate, noted, 'We are the connective tissue between on-chain demand and managers who have highly sophisticated institutional experience.' Superstate expects several more asset managers to adopt the platform in the coming months, indicating early momentum beyond initial partners. The partnership is expected to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, according to Superstate CEO Robert Leshner.