Coinbase's asset management division has announced the launch of a stablecoin-focused credit fund, offering a tokenized share class for institutional investors to access on-chain. The fund, dubbed CUSHY, seeks to capitalize on the growing demand for yield from digital asset lending. Investors will be able to hold tokenized 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 increasing convergence of traditional credit markets and crypto infrastructure, driven by the surge in stablecoin transactions and the doubling of stablecoin supply to $300 billion over the past two years.
According to Anthony Bassili, president of Coinbase Asset Management, 'Stablecoins are the foundation of the next financial era,' and CUSHY aims to combine the efficiency of digital infrastructure with the rigor of traditional credit. The fund's tokenized share class is powered by Superstate's FundOS platform, which enables asset managers to issue and manage blockchain-based shares alongside traditional ones.
This approach is gaining traction, with Invesco, a leading asset manager, recently adopting the platform. Superstate's co-founder, Jim Hiltner, noted that the company acts as a bridge between on-chain demand and asset managers with institutional expertise. The partnership is expected to expand the fund's reach 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.