Coinbase Asset Management Launches CUSHY Tokenized Credit Fund on Superstate FundOS
Coinbase Asset Management launched the Coinbase Stablecoin Credit Strategy (CUSHY) on April 30, 2026, introducing a tokenized credit fund for qualified investors and institutions that runs on Superstate's FundOS infrastructure, the first time the platform has powered an external third party fund from inception.[1] A Credit Strategy Built for the On Chain Era CUSHY is structured as a diversified opportunistic credit fund targeting three distinct return pillars: on chain public credit instruments tied to the digital economy, private and asset based lending serving both crypto native and traditional borrowers, and structural alpha generated through tokenization incentives, protocol rewards, and on chain market positions.[1][2] The strategy is designed to capture yield premiums created by the migration of capital on chain, a structural shift that Coinbase Asset Management argues is accelerating as stablecoin infrastructure deepens. Stablecoin transaction volume exceeded $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains.[3] That on chain settlement layer underpins CUSHY's thesis: as credit markets increasingly settle in stablecoins, a fund structurally aligned with that infrastructure should capture yield premiums unavailable in traditional vehicles. "Stablecoins are the bedrock of the next financial era, giving billions of people access to global financial rails. With CUSHY, we are fusing the high velocity efficiency of digital rails with the institutional rigor of traditional credit." Anthony Bassili, President of Coinbase Asset Management [4] FundOS: Superstate's Infrastructure Play Superstate , founded in 2022 by Robert Leshner , spent two years operating what Leshner described as a "testing mode" period, tokenizing its own funds before opening its stack to external asset managers.[5] That external facing platform, FundOS, launched publicly in April 2026 as a turnkey operating system allowing managers to issue and manage on chain share classes alongside traditional ones, handling shareholder registries, subscriptions, compliance, and transfers with integration hooks for existing custodians and service providers. Prior to CUSHY, FundOS had powered Superstate's own USTB and USCC fund strategies, which together hold over $1 billion in combined assets under management .[5] CUSHY marks the first external deployment of FundOS from a fund's inception rather than a migration of an existing product. Superstate raised an $82 million Series B in January 2026 and is registered with the SEC as a transfer agent , a designation that gives its tokenized share classes legal standing equivalent to traditional registered securities.[5] Robert Leshner said of the CUSHY partnership: "We're proud to partner with Coinbase Asset Management to launch CUSHY on FundOS, where it will scale to Ethereum, Base, and new DeFi use cases."[4] Invesco, which manages over $2.2 trillion in AUM , became the first large traditional asset manager to adopt the FundOS platform in Q2 2026, when it assumed investment management of the USTB fund while continuing to operate on the same on chain infrastructure.[5] Coinbase Asset Management's CUSHY adoption now validates FundOS as a multi client tokenization stack rather than a proprietary single issuer system. Fund Architecture and Institutional Partners CUSHY's service provider structure reflects institutional grade requirements across custody, administration, and credit origination. Apollo handles private credit origination, contributing asset based lending expertise to the strategy's private credit pillar. Northern Trust Hedge Fund Services administers the fund through its Omnium platform. Coinbase Prime provides prime brokerage and custody services. The tokenized share class supports USDC payments, 24/7 primary and secondary market subscriptions and redemptions, and planned integrations with decentralized finance protocols. | Component | Provider | Role | | | | | | Tokenization Platform | Superstate (FundOS) | On chain share class issuance and registry | | Prime Brokerage | Coinbase Prime | Custody, trading, and settlement | | Fund Administration | Northern Trust (Omnium) | Fund accounting and shareholder services | | Private Credit Origination | Apollo | Asset based lending sourcing | | Supported Networks | Ethereum, Solana, Base | On chain share distribution and DeFi access | | Payment Currency | USDC | Subscription and redemption rails | | Investor Eligibility | Qualified investors and institutions | US and certain foreign investors | The fund's tokenized shares are designed to be used as collateral in compliant digital venues and transferred across the three supported networks: Ethereum , Solana , and Base , Coinbase's own Layer 2 blockchain. The Q2 2026 launch target positions CUSHY alongside a broader wave of institutional tokenized credit products entering the market. RWA Market Context The CUSHY launch arrives as the tokenized real world asset market has grown to over $30.9 billion in on chain value across distributed assets, up from approximately $24 billion in early 2026 and reflecting a 266% increase through 2025 according to RWA.xyz data.[6] Ethereum hosts the largest share at 53.5% of total on chain RWA value, with Solana and Base each capturing growing portions as institutional products expand across multiple networks. Tokenized private credit, CUSHY's core category, stood at approximately $5 billion in distributed on chain value as of early 2026, with broader estimates reaching $18 to $19 billion when platform locked and represented assets are included.[6] Yields in the category typically range from 8 to 15% , reflecting illiquidity and credit risk premiums relative to tokenized government debt. The traditional private credit market underlying these tokenized products is estimated at $3 to 3.5 trillion globally, providing a long runway for on chain migration. BlackRock's BUIDL fund and Franklin Templeton'…