Coinbase and Superstate are partnering to launch the Coinbase Stablecoin Yield Fund (CUSHY) stablecoin credit offering, which will provide institutional investors with exposure to credit strategies within the stablecoin ecosystem through a structured fund vehicle.
CUSHY expects to launch in the second quarter as the first external fund issued using Superstate’s new FundOS platform, according to the announcement. The fund will be administered by Northern Trust Hedge Fund Services and powered by the Omnium platform.
FundOS is a turnkey operating system for asset managers looking to tokenize fund shares on Solana, Ethereum, and, soon, Base. This theoretically allows shares to be used onchain, like deployed as collateral in a DeFi lending protocol, and be available for 24/7 trading.
Coinbase said its tokenized share class for CUSHY may be made available for collateralization and transfer "across compliant digital venues." The fund itself aims to generate yield by lending stablecoins and unspecified private credit opportunities.
"With CUSHY, we are fusing the high-velocity efficiency of digital rails with the institutional rigor of traditional credit," Coinbase Asset Management President Anthony Bassili said. "We're excited to have major partners such as Northern Trust, Apollo, Superstate, Solana, Base, and Coinbase supporting this important mission."
Late last year, Coinbase Asset Management introduced the Bitcoin Yield Fund (USCBYF) to accredited U.S. investors. The fund is a long-BTC strategy that aims to deliver bitcoin’s performance plus additional yield using private credit lending and basis trading. Last month, Coinbase tapped Apex Group to provide a tokenized share class on Base for the fund.
CUSHY represents the first third-party external fund to tap FundOS, which has so far been used to issue Superstate’s USTB and USCC fund strategies with a combined $1 billion-plus in AUM.
USTB, or Superstate's Short Duration US Government Securities Fund, invests in short-term U.S. Treasurys, while USCC is Superstate's Crypto Carry Fund, which provides exposure to crypto basis trades. Both are limited to qualified purchasers and offer tokenized share classes for onchain ownership and transfer.
Superstate, founded in 2022, is a Securities and Exchange Commission-registered transfer agent that builds tokenized investment products and infrastructure, including its Opening Bell platform used for issuing onchain equities.
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