Coinbase's asset manager is launching a stablecoin credit fund — with tokenized shares.

Coinbase's asset management arm is moving into structured credit, offering a new fund that combines stablecoin yield with a tokenized share class. The move puts Coinbase at the intersection of two of the fastest-growing institutional themes: on-chain fixed income and tokenized fund infrastructure.

Tokenized share classes allow investors to hold, transfer, and settle fund positions on-chain without the friction of traditional fund administration. Pairing that with a stablecoin-denominated credit strategy signals that Coinbase is positioning <a class="ticker-mention" href="/en-US/token/usdc">$USDC</a>-native yield as a serious institutional product — not just a retail convenience.

If the structure gains traction, it could set a template for other asset managers looking to bring credit exposure on-chain while keeping settlement in stablecoins.