Coinbase’s ( COIN ) asset management arm said Thursday it is rolling out a credit fund tied to the stablecoin markets, with plans to offer investors onchain access through a tokenized share class.
The fund, called the Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking returns from lending activity linked to digital assets.
Investors will be able to hold shares onchain through 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 with prices pegged to fiat money — have surged in recent years as more financial activities migrate to blockchains. The supply of stablecoins has doubled to $300 billion in the past two years, while monthly transaction 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 merge the efficiency of digital rails with the rigor of traditional credit.”
Fund tokenization trend
The move also highlights a broader trend: Asset managers are beginning to treat tokenization as an extension of existing products for wider distribution, a shift that could bring more traditional finance activity to the blockchain environment.
CUSHY’s tokenized share class is powered by FundOS, Superstate’s platform for bringing investment funds onchain. Instead of building custom token structures, asset managers can use FundOS to issue and manage blockchain-based shares alongside traditional ones.
That approach is gaining ground. Invesco, an asset manager with more than $2 trillion in assets under management, recently became the first major asset manager to adopt the platform, underscoring a move toward shared infrastructure rather than one-off tokenization efforts.
“We are the connective tissue between onchain demand and managers who have 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 original partners.
Superstate CEO Robert Leshner said the partnership will allow the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases.
