Coinbase Asset Management has rolled out CUSHY, a new on-chain digital credit strategy built with a tokenized share class on Superstate’s FundOS platform. The product is aimed at on-chain public credit, structured private credit, and tokenized yield sources across networks including Solana and Base, bringing traditional fixed-income exposure onto public blockchain rails.
FundOS is used to move fund share activity on-chain
According to Coinbase Asset Management, CUSHY uses a tokenized share structure to place credit exposure into a blockchain-based framework. FundOS serves as the operating layer and supports 24/7 primary and secondary trading of fund shares. Superstate presents the system as infrastructure designed to simplify real-world asset tokenization for asset managers seeking on-chain capital formation.
Superstate has described FundOS as a tool for handling the operational complexity tied to tokenized funds. The platform is already being used for tokenized portfolios such as USTB and USCC, which the company cites as examples of traditional securities being issued, managed, and settled on-chain at scale.
The strategy is built around three credit and yield buckets
Coinbase Asset Management said CUSHY rests on three pillars: on-chain public credit assets, structured private credit for both digital-native and traditional borrowers, and tokenized yield sources that wrap underlying credit exposure into blockchain-native instruments. The structure suggests a broad credit allocation model rather than a single-asset offering.
CUSHY also fits into a wider credit effort at Coinbase. In an earlier partnership announcement, CBAM said its alliance with Apollo is intended to bring Coinbase stablecoin credit strategies to market by pairing Apollo’s private credit origination with Coinbase’s tokenization stack, allowing tokenized investment products tied to Apollo-managed credit strategies to be distributed on-chain.
Coinbase had already expanded into stablecoin and bitcoin yield products
Outside the stablecoin credit push, Coinbase has also launched bitcoin-focused yield offerings. Its Coinbase Bitcoin Yield Fund targets a net annual bitcoin return of 4% to 8% over a market cycle while avoiding “riskier high-interest bitcoin loans and systematic call selling.” A later bitcoin yield strategy was also introduced for accredited investors in the United States.
Industry research cited in the report says tokenized private credit markets reached about $9.68 billion in 2025 after growing 930%. In that setting, on-chain credit systems are framed as an alternative to bank-led lending, using smart contracts, decentralized oracles, and on-chain identity for underwriting and execution. CUSHY arrives as Coinbase, Apollo, and Superstate each expand their bet that compliant, yield-bearing digital instruments will keep shifting onto blockchain infrastructure.