Coinbase's asset management division has unveiled a stablecoin credit fund, known as the Coinbase Stablecoin Credit Strategy (CUSHY), which will offer investors the chance to participate in on-chain lending and private credit markets. The fund will provide tokenized access to institutional investors through a partnership with Superstate, a tokenization specialist.
This innovative approach will enable investors to hold shares on-chain, with the fund set to be available on Ethereum, Solana, and Base, Coinbase's Ethereum-based blockchain. The launch of CUSHY reflects the growing convergence of traditional credit markets and crypto infrastructure, driven in part by the surge in stablecoin transactions. Over the past two years, the supply of stablecoins has doubled to $300 billion, while monthly transaction volume has 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 allows asset managers to issue and manage blockchain-based shares alongside traditional ones, without the need for custom token structures. The adoption of FundOS is gaining momentum, with Invesco, an asset manager with over $2 trillion in assets under management, recently becoming the first major asset manager to partner with the platform.
As Jim Hiltner, co-founder of Superstate, noted, 'We are the link between on-chain demand and managers with sophisticated institutional experience.' Superstate expects several more asset managers to adopt the platform in the coming months, indicating early traction beyond initial partners. The partnership is set to enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases, according to Superstate CEO Robert Leshner.