Overview
- Coinbase Asset Management, which announced CUSHY on Thursday, introduced a diversified credit fund with an optional on-chain share class for qualified investors.
- Tokenized shares run on Superstate’s FundOS with support on Ethereum, Solana and Base, while Apollo sources private credit and Northern Trust and Coinbase Prime handle operations.
- Built for 24/7 trading of tokenized shares, the strategy spans on-chain public credit, private and asset-based lending, and tokenization-driven rewards.
- The fund is slated to begin deploying in Q2 2026 as the Senate weighs the Clarity Act’s treatment of stablecoin yield, and analysts warn tokenization does not fix credit or liquidity-mismatch risk.
- Coinbase cited $33 trillion in 2025 stablecoin volume and COIN shares rose 3.7% after the news, signaling investor interest in putting credit exposure on public blockchains.