Coinbase CUSHY credit fund targets institutions
Coinbase Asset Management announced CUSHY on April 30, a tokenised stablecoin credit fund for qualified institutional investors running on Ethereum, Solana, and Base, with Apollo handling private credit origination, Superstate issuing tokenised shares via FundOS, and Northern Trust administering the fund.Coinbase CUSHY targets yield from three sources: public digital credit, private asset-based lending through Apollo, and structural alpha from tokenisation incentives and on-chain market positions.CUSHY is the first external fund issued on Superstate‘s FundOS platform, which already manages over $1 billion in AUM through Superstate’s own USTB and USCC products.COIN stock rose 3.7% on the April 30 announcement as the fund arrives amid the CLARITY Act debate over whether stablecoin yield can be offered directly to users. Coinbase CUSHY was unveiled on April 30 by Coinbase Asset Management, positioning the product as a bridge between traditional fixed-income markets and on-chain settlement infrastructure. As crypto.news reported, the strategy is structured as a diversified credit fund where qualified investors access tokenised shares across Ethereum, Solana, and Base, with Coinbase Prime handling custody and trading. “With CUSHY, we are fusing the high-velocity efficiency of digital rails with the institutional rigour of traditional credit,” said Anthony Bassili, President of Coinbase Asset Management. The fund is