Launches CUSHY Tokenized Stablecoin Credit Fund

Coinbase (COIN) · Releases & Updates · July 27, 2026

Coinbase Asset Management launched CUSHY, a tokenized stablecoin credit fund issued via Superstate FundOS, with its $25M onchain share class going live on Solana in July 2026.

Coinbase Asset Management (CBAM), an SEC-registered investment adviser, has launched CUSHY (Coinbase Stablecoin Credit Strategy) — a tokenized credit fund targeting institutional investors. CUSHY is the first external fund issued via Superstate's FundOS platform, which manages $1B+ AUM across USTB and USCC. The tokenized share class went live on Solana in July 2026 with $25M in net asset value at launch (a Base contract is also deployed), giving investors 24/7 access, collateralization, and DeFi integration. Fund strategy targets three yield sources: liquid digital credit instruments, asset-based lending to crypto-native and traditional borrowers, and structural returns from tokenization incentives and on-chain market positions. Partners include Northern Trust (administration), Coinbase Prime (trading), Superstate (tokenization), and Apollo (credit origination).

Last verified: · Source: theblock.co

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