The asset management arm of Coinbase (COIN) announced on Thursday the deployment of a credit fund linked to stablecoin markets, with the intention of offering investors access to the chain via a tokenized share class.
The fund, called Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking yield on lending activities related to digital assets.
Investors will have the opportunity to hold shares on-chain via tokenization specialist Superstate’s platform. The fund will be available on Ethereum, Solana and Base, Coinbase’s blockchain built on Ethereum.
The fund reflects a growing overlap between traditional credit markets and crypto infrastructure. Transactions in stablecoins – cryptocurrencies whose prices are linked to fiat currency – have increased in recent years as more financial activities migrate to blockchains. The supply of stablecoins has doubled to $300 billion over the past two years, while monthly trading volume has tripled to $1.2 trillion.
“Stablecoins are the foundation of the next financial era,” said Anthony Bassili, president of Coinbase Asset Management. “With CUSHY, we are merging the efficiency of digital rails with the rigor of traditional credit.”
Trend towards tokenization of funds
The move also highlights a broader trend: asset managers are beginning to view tokenization as an extension of existing products for broader distribution, a shift that could bring more traditional financial activity into the blockchain environment.
CUSHY’s tokenized share class is powered by FundOS, Superstate’s platform for bringing investment funds online. Rather than creating custom token structures, asset managers can use FundOS to issue and manage blockchain-based stocks alongside traditional stocks.
This approach is gaining ground. Invesco, an asset manager with more than $2 trillion in assets under management, recently became the first large asset manager to adopt the platform, highlighting a move toward shared infrastructure rather than one-off tokenization efforts.
“We are the link between on-chain demand and managers with very sophisticated institutional experience,” said Jim Hiltner, co-founder of Superstate.
Superstate said it expects several more asset managers to adopt the platform in the coming months, suggesting early momentum beyond the initial partners.
Superstate CEO Robert Leshner said the partnership would allow the fund to expand across multiple blockchain networks and decentralized finance (DeFi) use cases.
