Coinbase Launches Stablecoin Credit Fund Targeting Institutional Yield

Coinbase Asset Management announced the Coinbase Stablecoin Credit Strategy fund (CUSHY) on Thursday, targeting institutional investors seeking yield from onchain lending and private credit tied to digital assets. The fund will offer tokenized share classes via Superstate's FundOS platform starting in Q2 2026, available on Ethereum, Solana, and Coinbase's Base blockchain. The launch comes as stablecoin supply doubled to $300 billion and monthly transaction volume tripled to $1.2 trillion over the past two years, reflecting increased financial activity migrating onto blockchains. Superstate, whose FundOS platform was first adopted by Invesco with over $2 trillion in assets under management, expects several more asset managers to adopt the technology in coming months.

Coinbase's CUSHY fund structure and institutional targeting

• ▪Coinbase Asset Management announced the Coinbase Stablecoin Credit Strategy fund on Thursday
• ▪The Coinbase Stablecoin Credit Strategy fund will be available on Ethereum, Solana, and Base blockchains
• ▪Investors in the Coinbase Stablecoin Credit Strategy fund will have the option to hold shares onchain through Superstate's platform
• ▪The Coinbase Stablecoin Credit Strategy fund is abbreviated as CUSHY
• ▪The Coinbase Stablecoin Credit Strategy fund targets yield from onchain lending and private credit
• ▪Anthony Bassili is president of Coinbase Asset Management
• ▪The Coinbase Stablecoin Credit Strategy fund targets institutional investors seeking yield from lending activity tied to digital assets

Growth of stablecoin markets and infrastructure

• ▪Stablecoins are cryptocurrencies with prices pegged to fiat money
• ▪The supply of stablecoins doubled to $300 billion in the past two years
• ▪Monthly stablecoin transaction volume tripled to $1.2 trillion

Asset tokenization trend and Superstate's FundOS platform

• ▪The Coinbase Stablecoin Credit Strategy fund's tokenized share class is powered by FundOS
• ▪Invesco is an asset manager with more than $2 trillion in assets under management

Perspective of Coinbase Asset Management

• ▪The Coinbase Stablecoin Credit Strategy fund addresses institutional demand for yield from digital asset lending activity
• ▪Coinbase Asset Management views the doubling of stablecoin supply to $300 billion as evidence of market maturation

Perspective of Superstate

• ▪Superstate views the Coinbase Stablecoin Credit Strategy fund as demonstrating FundOS's capability to serve major financial institutions