Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to a tokenized share class. The fund, known as CUSHY, targets institutional investors seeking to capitalize on lending opportunities tied to digital assets. 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, as transactions in stablecoins have surged in recent years. The supply of stablecoins has doubled to $300 billion over the past two years, with monthly transaction volume tripling 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 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 that the company serves as the link between on-chain demand and asset 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.