Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to tokenized shares. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), is designed for institutional investors seeking yields from digital asset lending activities.
Investors will have the option 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 growing convergence of traditional credit markets and crypto infrastructure, with stablecoin transactions surging in recent years as financial activities migrate to blockchains.
The stablecoin supply has doubled to $300 billion over the past two years, while monthly transaction volume has tripled to $1.2 trillion. According to Anthony Bassili, president of Coinbase Asset Management, '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 broader trend of asset managers using tokenization as an extension of existing products for broader 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.
Rather than building custom token structures, asset managers can use FundOS to issue and manage blockchain-based shares alongside traditional ones. Invesco, an asset manager with over $2 trillion in assets under management, has recently adopted the platform, underscoring a shift towards shared infrastructure rather than one-off tokenization efforts. Superstate co-founder Jim Hiltner noted, 'We are the connective tissue between on-chain demand and managers with highly sophisticated institutional experience.' The company expects several more asset managers to adopt the platform in the coming months, indicating early momentum beyond initial partners.
Superstate CEO Robert Leshner stated that the partnership will enable the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases.