On April 30, 2026, Coinbase Asset Management announced the launch of the Coinbase Stablecoin Credit Strategy (CUSHY), a tokenized credit fund designed for qualified investors and institutions. The fund aims to bridge traditional credit markets with the digital asset ecosystem by utilizing on-chain infrastructure, tokenized shares, and stablecoin settlement.
Core Features of CUSHY
CUSHY allows eligible investors to hold tokenized shares with 24/7 on-chain transparency and utility. The fund operates on Superstate’s FundOS platform, which supports fund tokenization. Coinbase Asset Management stated: “Credit is moving onto the blockchain.” The strategy focuses on public credit, private and opportunistic credit, and structural alpha, encompassing liquid credit instruments, asset-based loans for digital and traditional borrowers, and opportunities related to tokenization, protocol incentives, rewards, and on-chain market structures.
Stablecoin Market Scale Driving Tokenized Credit
Coinbase highlighted that stablecoin transaction volume surpassed over $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily. This scale provides a robust foundation for tokenized credit. CUSHY is designed to meet the evolving needs of sophisticated investors, bridging the gap between traditional credit markets and the growing digital asset ecosystem.
Risk Controls and Partners
CUSHY is supported by Coinbase Prime, Superstate, and Northern Trust, with supported blockchain networks including Base, Solana, and Ethereum. Risk controls are central to the product. Coinbase Asset Management noted that CUSHY employs standards for underwriting, diversification, liquidity, and credit quality review. The firm emphasized: “The digital economy is rapidly emerging on-chain as the next frontier of credit. With CUSHY, Coinbase Asset Management provides the expertise and regulatory framework to navigate it with confidence.”
The launch positions tokenized credit as a link between stablecoin settlement, institutional credit, and digital asset infrastructure, marking a significant step in the convergence of traditional finance and decentralized finance.