Coinbase's asset management division has unveiled a credit fund linked to stablecoin markets, providing investors with on-chain access through a tokenized share class. The fund, known as the Coinbase Stablecoin Credit Strategy, targets institutional investors seeking yield from digital asset lending activity. Investors can opt to hold shares on-chain through Superstate's tokenization 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 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 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 use cases.