Coinbase Introduces CUSHY Strategy to Bring Institutional Credit Onchain

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Coinbase’s CUSHY is expanding institutional credit onchain through a tokenized fund for qualified investors. The strategy links stablecoin settlement, tokenized shares, and credit exposure as stablecoin volume exceeded $33 trillion in 2025. Coinbase Introduces CUSHY Strategy to Bring Institutional Credit Onchain Key Takeaways: - Coinbase Asset Management launched CUSHY to expand tokenized credit access for qualified investors. - Institutions can access tokenized shares and supported networks, including Ethereum. - Risk controls will guide underwriting, diversification, liquidity, and credit quality review. Coinbase’s CUSHY Expands Institutional Credit Onchain Stablecoin settlement is now moving deeper into institutional credit. Coinbase Asset Management announced on April 30, 2026, the launch of Coinbase Stablecoin Credit Strategy, a tokenized credit fund for qualified investors and institutions. The strategy, called CUSHY, offers credit exposure through onchain infrastructure, tokenized shares, and stablecoin-focused market access. CUSHY allows eligible investors to hold tokenized shares with transparency and 24/7 onchain utility. The fund runs on Superstate’s FundOS platform, which supports fund tokenization. Coinbase Asset Management said: “Credit is moving onchain.” The strategy focuses on public credit, private and opportunistic credit, and structural alpha. Those categories include liquid credit instruments, asset-based lending for digital and traditional borrowers, and opportunities tied to tokenization, protocol incentives, rewards, and onchain market structures. Stablecoin Volume Strengthens Tokenized Credit Push The company said stablecoin transaction volume exceeded $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains. It 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 is supported by Coinbase Prime, Superstate, and Northern Trust, with Base, Solana, and Ethereum listed as supported networks. Risk controls are central to the product. Coinbase Asset Management said CUSHY uses standards for underwriting, diversification, liquidity, and credit quality review. Coinbase stressed: “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.” The launch positions tokenized credit as a link between stablecoin settlement, institutional lending, and digital asset infrastructure.

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