Coinbase’s (COIN) asset management unit said Thursday it is launching a credit fund tied to the stablecoin market and plans to provide investors with on-chain access through tokenized share classes.
The fund, called Coinbase Stablecoin Credit Strategy (CUSHY), targets institutional investors seeking to generate income from lending activities related to digital assets.
Investors can choose to hold on-chain shares through tokenization specialist Superstate’s platform. The fund will be available on Ethereum, Solana and Base (Coinbase’s Ethereum-based blockchain).
The fund reflects the growing overlap between traditional credit markets and crypto infrastructure. Trading in stablecoins (cryptocurrencies whose prices are pegged to fiat currencies) has surged in recent years as more and more financial activity moves to the blockchain. The supply of stablecoins has doubled in the past two years to $300 billion, while monthly transaction volume has tripled to $1.2 trillion.
“Stablecoins are the cornerstone of the next era of finance,” said Anthony Bassili, President of Coinbase Asset Management. “With CUSHY, we are blending the efficiency of digital rail with the rigor of traditional credit.”
Fund Tokenization Trend
The move also highlights a broader trend: asset managers are starting to view tokenization as an extension of existing products to enable wider distribution, a shift that could bring more traditional financial activities into a blockchain environment.
CUSHY’s tokenized share classes are powered by Superstate’s FundOS platform for bringing investment funds on-chain. Asset managers can use FundOS to issue and manage blockchain-based stocks as well as traditional stocks instead of building custom token structures.
This approach is gaining traction. 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 the shift toward shared infrastructure rather than one-off tokenization efforts.
“We are the connective tissue between on-chain needs and managers with experience in highly complex institutions,” said Superstate co-founder Jim Hiltner.
Superstate said it expects more asset managers to adopt the platform in the coming months, indicating early momentum beyond its initial partners.
Superstate CEO Robert Leshner said the partnership will allow the fund to expand to multiple blockchain networks and enter decentralized finance (DeFi) use cases.
