Summary
Coinbase Asset Management has launched CUSHY, a new credit product focused on digital finance markets that targets institutions and qualified investors seeking onchain exposure. The strategy combines traditional public and private credit with blockchain-based access and tokenized fund structures, offering what the firm describes as an opportunistic credit approach targeting yield premiums from onchain capital flows.
CUSHY will operate across Ethereum, Solana and Base networks to support broad blockchain compatibility. FundOS, developed by Superstate, provides the infrastructure to tokenize traditional investment vehicles for blockchain environments — supporting issuance and lifecycle management of digital fund shares, and enabling stablecoin subscriptions and redemptions. Coinbase Prime delivers custody and trading services, while Northern Trust handles fund administration.
The launch extends Coinbase's expansion into institutional asset management and tokenized markets beyond its core trading platform. It arrives alongside rising stablecoin usage: stablecoin transaction volume reached $33 trillion in 2025, a 72% annual increase, with USDC accounting for $18.3 trillion and USDT $13.3 trillion. Coinbase Asset Management operates as an SEC-registered investment adviser and is also registered with the NFA and regulated by the CFTC.
Key Facts
- Coinbase Asset Management launched CUSHY — tokenized credit product for institutions/qualified investors.
- Combines public and private credit with onchain incentives and tokenized fund structures.
- Operates across Ethereum, Solana and Base.
- FundOS by Superstate provides tokenized fund infrastructure (issuance, lifecycle management, stablecoin subscriptions/redemptions).
- Coinbase Prime: custody and trading; Northern Trust: fund administration.
- Risk framework: strict underwriting, diversification, liquidity guidelines; credit quality reviews guide portfolio construction.
- Context: stablecoin transaction volume $33T in 2025 (+72% YoY); USDC $18.3T, USDT $13.3T.
- Coinbase Asset Management is an SEC-registered investment adviser; NFA-registered; CFTC-regulated.
Why It Matters
CUSHY pushes the institutional credit market onchain inside a regulated, SEC-registered adviser — extending Coinbase beyond exchange trading into asset management. The structure (Superstate's FundOS for tokenization, Coinbase Prime for custody, Northern Trust for admin) assembles the full institutional stack needed to make tokenized credit products credible to allocators, not just crypto-natives.
The product also rides two converging trends visible across this week's news: the maturation of stablecoins as settlement rails and the migration of yield into separately regulated investment vehicles (a theme reinforced by the CLARITY Act's separation of digital cash from digital investments). If stablecoins become the settlement layer and tokenized credit/investment products become the yield layer, CUSHY is an early template for how that stack gets packaged for institutions.