Coinbase Launches Cushy Tokenized Stablecoin Credit Fund On Superstate'S Fundos, Across Ethereum, Solana, And Base

@coinbase Asset Management has unveiled the Coinbase Stablecoin Credit Strategy — known as CUSHY — a tokenized credit fund targeting institutional investors with onchain share access built on Superstate's FundOS platform. The fund is set to go live in Q2 2026 across Ethereum, Solana, and Base.

First External Fund on FundOS

CUSHY marks a milestone for Superstate's infrastructure play. The fund is the first third-party external product to be issued using FundOS, a turnkey operating system that lets asset managers bring fund shares onchain without building bespoke blockchain infrastructure. Prior to CUSHY, FundOS had only been used to power Superstate's own USTB and USCC fund strategies, which together hold over $1 billion in combined AUM.

The choice of infrastructure is notable. Invesco, an asset manager overseeing more than $2 trillion in assets, recently became the first large traditional asset manager to adopt FundOS, signalling that shared tokenization infrastructure is gaining traction over one-off solutions. Superstate has said it expects several more asset managers to follow in the coming months.

On the operational side, Northern Trust Hedge Fund Services will administer the fund via the Omnium platform, while Coinbase Prime will provide trading and prime brokerage services.

Three-Pillar Credit Strategy

CUSHY is structured around three core return sources. The first is public credit tied to the digital economy — liquid instruments linked to stablecoin markets and onchain finance. The second is private and asset-based lending, extending credit to both crypto-native and traditional borrowers. The third is what Coinbase calls "structural alpha" — yield derived from tokenization incentives, protocol rewards, and onchain market design.

The fund's onchain share class allows investors to hold, collateralise, and transfer positions directly on-chain, running in parallel with traditional fund infrastructure. Coinbase Asset Management has said it will apply strict underwriting, diversification, and credit quality standards to manage risk.

"Stablecoins are the bedrock of the next financial era," said Anthony Bassili, president of Coinbase Asset Management. The backdrop supports the ambition: stablecoin transaction volume exceeded $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains.

Coinbase Asset Management is an SEC-registered investment adviser and is regulated by both the NFA and the CFTC as a commodity pool operator and commodity trading adviser. CUSHY is open to qualified investors and institutions only.

The launch is the latest step in Coinbase's broader push into institutional asset management, following its Bitcoin Yield Fund and earlier stablecoin credit work with Apollo.

Sources:
The Block — Coinbase's 'CUSHY' stablecoin fund to launch tokenized share class via Superstate in Q2
CoinDesk — Coinbase Asset Management to offer stablecoin credit fund with tokenized share class
Crypto Briefing — Coinbase targets stablecoin investors with tokenized credit strategy

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