Coinbase Asset Management launches Digital Credit Strategy with Tokenized Shareclass
TL;DR: Credit is moving onchain. Today, Coinbase Asset Management announces the launch of a tokenized credit fund, Coinbase Stablecoin Credit Strategy, designed to bridge the gap between traditional credit markets and the growing digital asset ecosystem.
Stablecoins are becoming the primary settlement layer for the digital economy. In 2025, stablecoin transaction volume surged past $33 trillion*, exceeding the annual throughput of Visa, with an average of 89 million addresses holding stablecoins daily* across major blockchains. As onchain finance evolves, we’re seeing individuals and institutions actively seek institutional-grade credit opportunities on those same settlement rails.
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.
For qualified investors and institutions, CUSHY offers investors the option of tokenized shares with transparency and 24/7 onchain utility, powered by FundOS, Superstate’s new turnkey platform that allows asset managers to tokenize funds. Superstate connects financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through onchain public listings and tokenized investment products.
A credit strategy for today's evolving market
CUSHY is designed as a diversified opportunistic credit strategy built to capture unique yield premiums created by the migration of capital onchain.
Coinbase Asset Management has leveraged its digital-native acumen to build a solution that targets three core pillars:
Public Credit: High-quality, liquid credit instruments connected to the digital economy.
Private & Opportunistic Credit: Asset-based (ABL) debt solutions for digitally native and traditional borrowers transitioning to high-efficiency digital rails.
Structural Alpha: blending credit with tokenization, protocol incentives, rewards, and bespoke onchain market structure positions CUSHY at the intersection of TradFi and digital markets.
Strategic credit partners
CUSHY has established a bench of strategic partnerships with a select group of largest credit firms in the industry to help bring credit onchain.
Institutional adoption requires more than just returns; it requires a disciplined risk envelope. All assets underwritten within CUSHY are assessed within our liquidity and credit framework built with rigorous institutional standards. CUSHY maintains a strict risk framework for underwriting, diversification, liquidity, and credit quality review. Risk management is priority number one in minimizing downside and maximizing access to persistent yields.
Designed for global investors
Transparency and security are critical to meeting the demands of our rigorous infrastructure. CUSHY’s fund structure is designed to accommodate a wide investor base, including both US and certain foreign investors, supported by industry-leading partners:
Prime Service: Coinbase Prime
Tokenization Services: Superstate (utilizing FundOS)
Fund Administration: Northern Trust
Networks: Base, Solana and Ethereum
The digital economy is rapidly emerging onchain as the next frontier for credit. With CUSHY, Coinbase Asset Management provides the expertise and regulatory framework necessary to navigate it with confidence.
About Coinbase Asset Management
Coinbase Asset Management (“Coinbase AMˮ or “CBAMˮ) bridges the gap between traditional finance and the digital economy. We build strategies, both active and passive, across bitcoin, stablecoins, and tokenized markets allowing investors to capture convex alpha outcomes, diversified yield sources, and invest in the future of global markets infrastructure.
As a wholly-owned subsidiary of Coinbase with offices in Stamford, CT and the Cayman Islands, we operate with the highest standards of oversight. CBAM is an SEC-registered Investment Adviser (RIA), a CPO and CTA with the NFA, and is regulated by the CFTC. CBAM’s Cayman-based advisor is further supported by a CIMA asset management license, ensuring global compliance for a diverse investor base.
About Superstate
Superstate is a financial technology firm modernizing public capital markets. They connect financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through onchain public investment products. Their offerings include Opening Bell, a platform for compliant onchain equity issuance and tokenization; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com.
About Northern Trust
CUSHY is administered by Northern Trust Hedge Fund Services and powered by the Omnium platform, a leading provider of middle office and fund administration services.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2025, Northern Trust had assets under custody/administration of US$18.7 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity, and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
