Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access through a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking to capitalize on lending activities tied to digital assets. Investors will have the option to hold shares on-chain via Superstate's platform, with the fund 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.
Stablecoins, with prices pegged to fiat currencies, have seen their supply double to $300 billion and monthly transaction volume triple to $1.2 trillion over the past two years. 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 enables asset managers to issue and manage blockchain-based shares alongside traditional ones, without requiring custom token structures.
Invesco, an asset manager with over $2 trillion in assets under management, has recently adopted the platform, highlighting a shift towards shared infrastructure in tokenization efforts. 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 expand 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.