Key Highlights
- Coinbase launched CUSHY, a stablecoin credit fund offering tokenized shares to institutional investors.
- The fund runs on Ethereum, Solana, and Base, allowing investors to access credit markets directly onchain.
- It targets public credit, private lending, and blockchain-based yield opportunities as stablecoin usage continues to grow.
Coinbase Asset Management, the investment arm of Coinbase Global Inc., announced on Thursday that it has launched a new tokenized credit fund called CUSHY, built around stablecoin-linked markets.
According to the official release, the product is designed for institutions and qualified investors seeking access to credit returns through blockchain systems. It uses tokenized shares so investors can hold and move their positions directly onchain across networks like Ethereum, Solana, and Base, instead of relying only on traditional finance systems.
Connecting traditional credit with crypto
Coinbase said the fund, officially named the Coinbase Stablecoin Credit Strategy, is built to bring credit investing closer to the fast-growing stablecoin space.
It runs on Superstate’s FundOS platform, which allows asset managers to issue and manage tokenized funds without building complex blockchain infrastructure. This setup lets CUSHY connect traditional credit markets with crypto-based capital systems more directly, while still keeping standard financial controls in place.
The firm explained that CUSHY is structured as a diversified credit strategy, but focuses on three main areas:
- The first is public credit, which includes liquid instruments tied to the digital economy.
- The second is private and opportunistic credit, focusing on asset-based lending for both digital-native and traditional borrowers, shifting into more efficient digital systems.
- The third is structural alpha, which blends credit strategies with tokenization tools, protocol incentives, and onchain market structures to capture additional yield sources.
Partners supporting the fund
To support the fund at an institutional level, Coinbase has partnered with several established financial and crypto service providers. Coinbase Prime will handle trading and prime brokerage services. Superstate is providing the tokenization layer through FundOS, while Northern Trust, a global financial firm, will take care of fund administration, reporting, and operational services. Together, they will support the system’s structure.
Coinbase also stated that the fund is open to users in the United States and some selected international investors.
Stablecoin growth driving demand
Stablecoin activity has continued to grow. According to Coinbase, stablecoin transaction volume crossed $33 trillion in 2025, while around 89 million wallet addresses interact with stablecoins daily across major blockchains. Currently, the total value of stablecoin has reached $321 trillion, with a trading volume of around $176 trillion, according to data from CoinMarketCap.
Coinbase Asset Management said the fund is designed for investors looking to earn yield from credit markets that now operate partly on blockchain rails.
Also Read: xStocks Expands to BNB Chain With 50+ Tokenized Stocks and ETFs
