Coinbase Asset Manager Launches CUSHY Stablecoin Credit Fund
Coinbase Asset Management is launching CUSHY, a stablecoin-linked credit strategy for qualified investors and institutions, with tokenized shares powered by Superstate’s FundOS platform.
Quick Insights
- Coinbase Asset Management has launched CUSHY, a digital credit strategy tied to stablecoin markets.
- The fund targets qualified investors and institutions seeking yield from onchain credit and private lending opportunities.
- Investors can hold tokenized shares through Superstate’s FundOS platform on Base, Solana and Ethereum.
- The launch shows how stablecoin activity is turning into infrastructure for institutional credit products.
Coinbase Asset Management is launching a stablecoin-linked credit fund with a tokenized share class, giving institutional investors a new way to access onchain credit markets.
The fund, called Coinbase Stablecoin Credit Strategy, or CUSHY, is designed for qualified investors and institutions looking for yield tied to digital asset lending, structured private credit and tokenized market activity. In its launch announcement, Coinbase Asset Management said the strategy is built to capture yield premiums created as more capital moves onchain.
The onchain share class will be powered by Superstate’s FundOS platform and supported across Base, Solana and Ethereum. Coinbase said the fund will use Coinbase Prime for prime services, Northern Trust for fund administration and Superstate for tokenization services.
CUSHY Turns Stablecoin Markets Into a Credit Strategy
The fund is pitched at a specific slice of the market: institutions that want exposure to crypto-linked credit without simply buying tokens.
CUSHY will target public credit connected to the digital economy, private and opportunistic credit, and what Coinbase describes as structural alpha from tokenization, protocol incentives, rewards and bespoke onchain market structure.
That matters because stablecoins are no longer just a trading tool. Coinbase said stablecoin transaction volume passed $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains. The company’s argument is that credit products are now forming around those settlement rails.
"Stablecoins are becoming the primary settlement layer for the digital economy."
The launch fits a wider push by Coinbase to build around stablecoin infrastructure rather than treating stablecoins as a side product. Nakamoto Daily recently covered Coinbase’s stablecoin coverage, including the x402 payments protocol and the role of dollar tokens in automated payments.
Superstate FundOS Puts Coinbase Shares Onchain
The tokenized share class is where this becomes more than a conventional credit fund.
Superstate’s FundOS platform is built to bring private funds, mutual funds and ETFs onchain while connecting to existing fund operations, custodians and service providers. The platform supports shareholder registry management, subscriptions, redemptions, transfers and stablecoin payments.
For CUSHY, that means investors can hold fund shares onchain while the product keeps the familiar structure of a managed institutional credit strategy. It also gives the fund a route into DeFi use cases over time, provided investors meet the platform’s compliance requirements.
| Fund feature | What CUSHY offers | Why it matters |
|---|---|---|
| Credit exposure | Public credit, private credit and onchain yield sources. | Institutions get credit exposure linked to digital asset markets. |
| Tokenized shares | Fund shares can be held onchain through Superstate FundOS. | The fund can plug into blockchain-based settlement and distribution. |
| Supported chains | Base, Solana and Ethereum. | Coinbase is choosing major networks with institutional and DeFi activity. |
Tokenized Funds Are Moving Past Treasury Bills
CUSHY is part of a broader shift in tokenized funds. The first wave of institutional products leaned heavily on Treasury bills and money-market-style exposure. Credit funds are a more complex step.
Superstate already powers USTB and USCC, two onchain funds with more than $1 billion in assets under management, according to its FundOS page. In March, Invesco said it would become investment manager of Superstate’s USTB fund, making one of the world’s largest asset managers a direct user of Superstate’s tokenization infrastructure.
That puts Coinbase’s launch in the same lane as a larger institutional trend. Asset managers are not only testing tokenization as a technical feature. They are starting to use it as a distribution layer for products that already look familiar to traditional investors.
Nakamoto Daily recently covered Securitize’s tokenized asset expansion onto TRON, another sign that the RWA market is shifting from narrow pilots toward broader onchain distribution.
Coinbase Pushes Deeper Into Onchain Credit
For Coinbase, CUSHY expands the company’s institutional business beyond custody, trading and prime brokerage.
Coinbase Asset Management is an SEC-registered investment adviser and sits inside Coinbase’s broader institutional stack. That gives the company a position in the market where stablecoins, credit funds, custody and tokenized distribution are beginning to overlap.
The risk is that credit does not become safer just because shares are tokenized. Investors still have to assess the borrowers, liquidity terms, collateral quality and market structure behind the yield. Tokenization can change how fund shares move and settle, but it does not remove the credit risk inside the strategy.
The bigger point is direction. Stablecoin markets are now large enough for asset managers to build dedicated products around them, and Coinbase is treating that flow as the foundation for a new credit business rather than just payment activity.