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, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking yield from digital asset lending activities.
Investors will have the option to hold tokenized shares on-chain via Superstate's platform, 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. According to Coinbase Asset Management President Anthony Bassili, '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 move highlights a trend where asset managers are embracing tokenization as a means to extend existing products and bring traditional finance activity to the blockchain environment. CUSHY's tokenized share class is powered by FundOS, Superstate's platform for on-chain investment funds. This approach is gaining traction, with Invesco, an asset manager with over $2 trillion in assets under management, recently adopting the platform. Superstate co-founder Jim Hiltner noted, 'We are the connective tissue between on-chain demand and 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 several more asset managers anticipated to adopt the platform in the coming months.