Coinbase's (COIN) asset management arm said Thursday it's rolling out a credit fund tied to 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 yield from lending activity tied to digital assets.
Investors will have the option 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 onto blockchains. The supply of stablecoins doubled to $300 billion in the past two years, while monthly transaction volume tripled to $1.2 trillion.
"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."
The move also highlights a broader trend: Asset managers are starting to treat tokenization as an extension of existing products for broader 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. Rather than building custom token structures, asset managers can use FundOS to issue and manage blockchain-based shares alongside traditional ones.
That approach is gaining traction. Invesco, an asset manager with more than $2 trillion in assets under management, recently became the first large 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 highly 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 initial 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.