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 tokenized shares. The fund is designed for institutional investors seeking to capitalize on lending activities tied to digital assets.
Investors will have the option to hold tokenized shares on-chain via 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, driven by the rapid growth of stablecoin transactions.
According to Coinbase Asset Management President Anthony Bassili, '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 move highlights a broader trend of asset managers treating tokenization as an extension of existing products for broader distribution, which could lead to increased traditional finance activity on the blockchain.
Superstate's platform allows asset managers to issue and manage blockchain-based shares alongside traditional ones, without requiring custom token structures. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform. Superstate expects several more asset managers to follow suit in the coming months, indicating early momentum beyond initial partners.