Coinbase launches CUSHY — a stablecoin-native institutional credit fund running on Base, Solana, and Ethereum.

Coinbase Asset Management has unveiled the Coinbase Stablecoin Credit Strategy (CUSHY), targeting qualified investors and institutions with exposure to public, private, and opportunistic credit. The fund offers what Coinbase calls structural alpha from tokenization, protocol incentives, and on-chain market structure — with optional tokenized shares running on Superstate's FundOS platform, Northern Trust as administrator, and Base, Solana, and Ethereum as supported networks.

The timing is deliberate. Stablecoins crossed $33 trillion in on-chain transaction volume in 2025, and Coinbase itself booked $1.35 billion in stablecoin revenue last year — 41% of net revenue coming from subscriptions and services. CUSHY converts that infrastructure position into a recurring institutional asset-management relationship rather than a pure payments or trading rail.

The broader context matters…