Coinbase Asset Management launches tokenized credit fund strategy

Coinbase Asset Management announced the launch of CUSHY, a tokenized credit fund called Coinbase Stablecoin Credit Strategy, designed to connect traditional credit markets with digital asset ecosystems.

The fund offers qualified investors and institutions tokenized shares with onchain utility, powered by Superstate's FundOS platform. Superstate provides turnkey solutions for asset managers to tokenize funds and connect financial assets with crypto capital markets.

CUSHY operates as a diversified opportunistic credit strategy targeting three areas: public credit instruments connected to the digital economy, private and opportunistic credit for asset-based debt solutions, and structural alpha combining credit with tokenization and protocol incentives.

The strategy incorporates partnerships with credit firms and maintains risk management frameworks for underwriting, diversification, liquidity and credit quality review. Northern Trust provides fund administration services, while Coinbase Prime handles prime services.

The fund structure accommodates US and certain foreign investors, operating on Base, Solana and Ethereum networks. Coinbase Asset Management, a wholly-owned subsidiary of Coinbase Global Inc (NASDAQ: COIN), operates as an SEC-registered Investment Adviser.

The announcement cited stablecoin transaction volume surpassing $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains. Coinbase Asset Management stated the fund addresses demand for institutional-grade credit opportunities on blockchain settlement rails.

Superstate operates as a financial technology firm offering onchain investment products including USTB, a tokenized fund backed by US Treasuries, and USCC, a tokenized fund for crypto basis exposure.

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