Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access through a tokenized share class. The fund, known as CUSHY, is designed for institutional investors seeking yield from digital asset lending. Investors will have the option to hold tokenized shares on-chain using Superstate's 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 move highlights a trend of asset managers using tokenization to expand their product distribution, potentially bringing more traditional finance activity to the blockchain environment. CUSHY's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds on-chain, allowing asset managers to issue and manage blockchain-based shares alongside traditional ones. 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 adopt the platform in the coming months, indicating early momentum beyond initial partners.