Coinbase's asset management division has announced the launch of a stablecoin credit fund, dubbed CUSHY, which will provide investors with on-chain access to a tokenized share class. The fund is designed to cater to institutional investors seeking to generate yield from lending activities tied to digital assets. Investors will have the option to hold shares on-chain through Superstate's platform, with the fund being available on Ethereum, Solana, and Base, Coinbase's blockchain built on Ethereum. This development reflects the growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years as more financial activities migrate to blockchains.
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 is "the connective tissue between on-chain demand and managers with highly 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 Superstate anticipating several more asset managers to adopt the platform in the coming months.