Coinbase's asset management division has announced the launch of a stablecoin credit fund, dubbed CUSHY, which aims to provide investors with yield from on-chain lending and private credit. The fund will offer tokenized shares, allowing institutional investors to access the fund through Superstate's platform on Ethereum, Solana, and Base.
This development reflects the growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years. According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and the CUSHY fund combines the efficiency of digital rails 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 trend of tokenization is gaining traction, with Invesco, a prominent asset manager, recently adopting the platform.
Superstate's co-founder, Jim Hiltner, noted that the company serves as the connective tissue 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 use cases.