Coinbase's asset management division has announced the launch of a stablecoin credit fund, providing investors with on-chain access to a tokenized share class. The fund, dubbed Coinbase Stablecoin Credit Strategy (CUSHY), 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, 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 CUSHY aims to combine the efficiency of digital platforms 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, 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's co-founder, Jim Hiltner, noted that the company serves as a bridge 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 (DeFi) use cases, with Superstate anticipating the adoption of its platform by several more asset managers in the coming months.