Coinbase's asset management division has announced the introduction of a stablecoin-focused credit fund, offering a tokenized share class for institutional investors. The fund, named Coinbase Stablecoin Credit Strategy (CUSHY), seeks to provide investors with access to yield from lending activities 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, with stablecoin transactions surging in recent years as more financial activities migrate to blockchains.
The stablecoin supply has doubled to $300 billion over the past two years, while monthly transaction volume has tripled 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 connective tissue 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 Superstate anticipating several more asset managers to adopt the platform in the coming months.