Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, providing investors with on-chain access through a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), is designed for institutional investors seeking yield from digital asset lending activities.
Investors will have the option to hold tokenized shares on-chain through Superstate's platform, which will be 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.
According to Coinbase Asset Management President Anthony Bassili, 'Stablecoins are the foundation of the next financial era, and 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 is gaining traction, with Invesco, a leading asset manager, recently adopting the platform. Superstate co-founder Jim Hiltner noted, 'We are the link between on-chain demand and managers with 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 several more asset managers anticipated to adopt the platform in the coming months.