Coinbase Asset Management is launching a digital credit fund for institutions, aiming to bridge traditional credit markets with onchain capital after stablecoin transaction volume surpassed $33 trillion in 2025.
The Coinbase Stablecoin Credit Strategy (CUSHY) gives qualified investors the option of tokenized shares, a move designed to capture yield from the expanding digital-asset ecosystem. "Stablecoins are the bedrock of the next financial era," said Anthony Bassili, president of Coinbase Asset Management. "With CUSHY, we are fusing the efficiency of digital rails with the rigor of traditional credit."
Structured as a diversified opportunistic credit strategy, the fund is built on three pillars: public credit tied to the digital economy, private and asset-based lending, and structural alpha from tokenization and onchain market design. The fund’s infrastructure includes Coinbase Prime for prime services, Northern Trust for fund administration, and Superstate for tokenization services on the Ethereum, Solana, and Base blockchains.
The launch shows tokenization moving into more complex parts of finance than treasury funds alone, packaging institutional-grade credit for investors who want the discipline of traditional asset management with the 24/7 utility of onchain shares.
The fund's tokenized share class is powered by FundOS, Superstate's platform for bringing investment funds onchain, highlighting a broader industry shift toward shared infrastructure for tokenization. Instead of building bespoke token structures, asset managers can use FundOS to issue and manage blockchain-based shares alongside traditional ones.
This approach is gaining momentum, with asset manager Invesco recently adopting the platform. "We are the connective tissue between onchain demand and managers who have highly sophisticated institutional experience," said Jim Hiltner, co-founder of Superstate. Superstate CEO Robert Leshner added that the partnership will allow the fund to expand across multiple blockchain networks and into decentralized finance (DeFi) use cases.
Coinbase Asset Management, an SEC-registered investment adviser, said CUSHY will use a strict framework for underwriting, diversification, and credit quality review. The firm is positioning institutional risk management as a core requirement for bringing credit products onto digital rails, addressing a key concern for traditional investors exploring the space.
The product extends Coinbase’s push beyond trading into institutional asset management and tokenized markets, with its stock (NASDAQ: COIN) trading at $185.45. The move comes as the total supply of stablecoins like USDC and USDT doubled to $300 billion in the past two years, while monthly transaction volume tripled to $1.2 trillion, according to data from the web search results.
This article is for informational purposes only and does not constitute investment advice.
