On Thursday, Coinbase’s asset management division announced a new credit fund linked to stablecoin markets, offering investors onchain access via a tokenized share class. This initiative is named the Coinbase Stablecoin Credit Strategy (CUSHY) and aims at institutional investors looking for yield from lending activities involving digital assets.
Investors can opt to hold shares onchain using the platform provided by Superstate, a leader in tokenization. The fund will be accessible on Ethereum, Solana, and Base, which is Coinbase’s blockchain built atop Ethereum.
This development signifies an increasing convergence of traditional credit markets with crypto infrastructure. As financial activities increasingly shift onto blockchains, stablecoin transactions—cryptocurrencies pegged to fiat currencies—have seen a surge. Over the past two years, stablecoin supply has doubled to $300 billion, and monthly transaction volumes have tripled, reaching $1.2 trillion.
“Stablecoins are foundational for the next financial era,” stated Anthony Bassili, president of Coinbase Asset Management. “With CUSHY, we blend digital efficiency with traditional credit rigor.”
The move underscores a broader trend where asset managers view tokenization as an expansion of existing products for wider distribution. This could facilitate more traditional finance activities moving to the blockchain ecosystem.
Powered by FundOS, Superstate’s platform for bringing investment funds onchain, CUSHY’s tokenized share class avoids custom token structures, allowing asset managers to issue and manage blockchain-based shares alongside traditional ones. This strategy is gaining popularity; Invesco, an asset manager with over $2 trillion in assets under management, recently became the first major asset manager to adopt the platform, emphasizing a shift towards shared infrastructure rather than isolated tokenization.
“We bridge onchain demand with managers possessing sophisticated institutional expertise,” remarked Jim Hiltner, co-founder of Superstate.
Superstate anticipates that several more asset managers will join the platform in the near future, indicating initial momentum beyond early partners. Robert Leshner, CEO of Superstate, stated that this partnership would enable the fund to expand across various blockchain networks and into decentralized finance (DeFi) applications.