Coinbase Launches CUSHY Tokenized Credit Strategy

Coinbase Asset Management has launched CUSHY, a tokenized credit strategy offering institutions and qualified investors exposure to stablecoin lending and onchain credit markets through shares issued on Ethereum, Solana, and Base blockchains.

The product combines public credit assets, structured private credit for digital-native and traditional borrowers, and tokenized yield sources. It aims to capture yield premiums from growing onchain capital flows, incorporating protocol rewards and market incentives alongside traditional underwriting standards. Coinbase Asset Management emphasized strict risk management, including diversification, liquidity guidelines, and credit quality reviews.

Superstate's FundOS platform powers the tokenized shares, enabling 24/7 primary and secondary market trading, stablecoin subscriptions, and redemptions. The infrastructure supports continuous onchain access and transparency, allowing shares to function in compliant digital venues, such as collateral in DeFi protocols. Coinbase Prime provides custody and trading services, while Northern Trust handles fund administration.

"We are fusing the high-velocity efficiency of digital rails with the...