Coinbase targets stablecoin investors with tokenized credit strategy

Coinbase Asset Management launched CUSHY, a digital credit strategy aimed at qualified investors and institutions seeking exposure to credit opportunities emerging from the growth of stablecoins and onchain finance.

The strategy gives investors the option to access tokenized shares with transparency and around the clock onchain utility through FundOS, Superstate’s fund tokenization platform. CUSHY will support Base, Solana, and Ethereum, with Coinbase Prime providing prime services and Northern Trust handling fund administration.

CUSHY is designed as a diversified opportunistic credit strategy built around three areas: public credit, private and opportunistic credit, and what Coinbase Asset Management calls structural alpha. The strategy targets yield premiums created as more capital moves onchain, combining traditional credit exposure with tokenization, protocol incentives, rewards, and onchain market structure.

The launch comes as stablecoins continue to move deeper into mainstream financial infrastructure. Stablecoin transaction volume reached $33 trillion in 2025, up 72% from the prior year. USDC accounted for $18.3 trillion of that volume, while USDT accounted for $13.3 trillion.

Superstate’s FundOS gives asset managers a turnkey way to bring private funds, mutual funds, and ETFs onchain through transfer agent and tokenization infrastructure. The platform allows managers to choose the fund, blockchains, supported DeFi protocols, and whether to enable stablecoin subscriptions and redemptions.

Coinbase Asset Management said CUSHY will use a strict framework for underwriting, diversification, liquidity, and credit quality review, positioning risk management as the core requirement for bringing institutional credit products onto digital rails.

The product also extends Coinbase’s push beyond trading into institutional asset management, stablecoins, and tokenized markets. Coinbase Asset Management is an SEC-registered investment adviser, a commodity pool operator and commodity trading adviser registered with the NFA, and is regulated by the CFTC, according to the company.