Coinbase's asset manager to offer stablecoin credit fund with tokenized share class

Coinbase's asset management arm has announced the launch of the Coinbase Stablecoin Credit Strategy (CUSHY) fund, which aims to generate yield from onchain lending and private credit activities. This fund will offer institutional investors tokenized access to shares, allowing them to hold them onchain via Superstate's platform. CUSHY will be available on Ethereum, Solana, and Base, Coinbase's own blockchain. The initiative reflects a growing convergence between traditional credit markets and crypto infrastructure, driven by the surge in stablecoin transactions. Anthony Bassili, president of Coinbase Asset Management, stated that CUSHY merges the efficiency of digital rails with traditional credit rigor. This move also signifies a broader trend of asset managers using tokenization to expand the distribution of existing products, potentially bringing more traditional finance activities onto the blockchain. Superstate's FundOS platform powers the tokenized shares, enabling asset managers to issue and manage blockchain-based shares alongside traditional ones. This approach is gaining traction, with Invesco also adopting the platform, indicating a shift towards shared infrastructure for tokenization efforts.

(Source：CoinDesk)