Coinbase's asset management division has announced the launch of a credit fund linked to stablecoin markets, offering investors the opportunity to access the fund on-chain through a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking to capitalize on lending activities tied to digital assets. Investors will have the option to hold shares on-chain through Superstate's tokenization platform, with the fund available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, driven by the surge in stablecoin transactions and the doubling of stablecoin supply to $300 billion over the past two years.
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 move highlights a broader trend of asset managers embracing tokenization as a means to extend existing products and bring traditional finance activities to the blockchain environment.
CUSHY's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform. Superstate's co-founder, Jim Hiltner, noted, "We are the connective tissue between on-chain demand and managers with highly sophisticated institutional experience." The partnership is expected to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, with Superstate anticipating the adoption of its platform by several more asset managers in the coming months.