Coinbase Asset Management, the licensed investment manager and wholly owned subsidiary of Coinbase, has selected Superstate FundOS to issue an on-chain share class of its Coinbase Stablecoin Yield Fund (CUSHY), a stablecoin credit offering expected to launch in Q2 2026.
Per a press release today, April 30, CUSHY will be the first external fund issued using FundOS from inception. Robert Leshner’s Superstate built FundOS while operating its own tokenized funds, USTB and USCC, which together hold over $1 billion in AUM, per the release.
Per a blog post from Coinbase, CUSHY captures yield from three sources — asset-based lending to both crypto-native and traditional borrowers, liquid digital-economy credit instruments, and structural returns from tokenization incentives and on-chain market positions.
FundOS is a turnkey operating system for tokenized funds that gives asset managers a direct path to bring funds on-chain. Through FundOS, CUSHY investors will be able to tokenize shares on Solana, Ethereum, and soon Base, and deploy them in supported DeFi protocols, the release states.
The on-chain share class runs alongside traditional fund infrastructure — extending how CUSHY can be accessed, collateralized, and transferred. The fund is administered by Northern Trust Hedge Fund Services via the Omnium platform.
The launch reflects accelerating institutional appetite for yield-bearing on-chain products. As The Defiant has reported, tokenized RWA markets are projected to hit $400 billion by 2030, and analysts have predicted that more than half of the 20 biggest asset managers would launch RWA tokens by end of 2026.
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