Coinbase Launches CUSHY Tokenized Credit Fund

Coinbase Asset Management launched CUSHY on April 30, 2026. The product is a tokenized credit fund that issues onchain shares and settles in stablecoins. It is available to qualified investors and institutional clients on Ethereum, Solana and Base.

CUSHY is presented as a digital credit strategy that targets public credit, private and opportunistic credit, and structural alpha linked to tokenization and onchain market structures. The strategy includes liquid public credit instruments, asset-based lending for digital and traditional borrowers, and opportunistic positions related to protocol incentives and rewards.

The fund uses Superstate’s FundOS platform to tokenize fund shares. Coinbase Prime will provide operational support and Northern Trust will handle custody services. Tokenized shares can be held and transferred on supported networks and settled in stablecoins around the clock.

Coinbase Asset Management described risk controls covering underwriting standards, diversification, liquidity management and ongoing credit quality review. These controls will guide investment decisions and the selection of counterparties, the announcement states.

The firm cited market figures for stablecoins, saying transaction volume topped $33 trillion in 2025 and an average of 89 million addresses held stablecoins daily across major blockchains. Coinbase linked those figures to demand for institutional credit activity onchain in its launch materials.

The fund design ties tokenized share ownership to an onchain settlement layer, allowing investors to move capital and receive distributions in stablecoins without relying solely on offchain processes. Coinbase Asset Management stated that tokenized shares provide transparency into holdings and 24/7 settlement utility.

Coinbase Asset Management wrote in its launch statement: “Credit is moving onchain.” The firm added: “To meet the evolving needs of these sophisticated investors, Coinbase Asset Management is proud to introduce CUSHY – a digital credit strategy, designed to bridge the gap between traditional credit markets and the growing digital asset ecosystem.”

CUSHY will be offered only to qualified investors and institutions subject to standard eligibility and accreditation requirements. The announcement did not disclose target returns, fee structures or specific counterparties for the fund’s credit exposures.