Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, providing investors with the option to hold tokenized shares on-chain through a partnership with Superstate. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), is designed to cater to institutional investors seeking to capitalize on lending opportunities tied to digital assets. It will be available on multiple blockchain platforms, including Ethereum, Solana, and Base. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, driven by the increasing 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 payment systems 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 the need for custom token structures. The partnership between Coinbase and Superstate highlights a broader trend of asset managers embracing tokenization as a means to expand their product offerings and reach a wider audience. Superstate's platform has already gained traction, with Invesco, a prominent asset manager with over $2 trillion in assets under management, recently adopting the platform. According to Jim Hiltner, co-founder of Superstate, 'We are the link between on-chain demand and asset managers with extensive institutional experience.' The partnership is expected to facilitate the expansion of the fund across multiple blockchain networks and into decentralized finance (DeFi) use cases, with several more asset managers anticipated to adopt the platform in the coming months.