Coinbase has announced the launch of its 'Coinbase Stablecoin Credit Strategy' (CUSHY), a new fund targeting qualified investors with exposure to tokenized institutional credit. The strategy leverages stablecoins for public, private, and opportunistic credit opportunities. It aims to capitalize on tokenization benefits amid ongoing debates over stablecoin regulation.
Coinbase announced the CUSHY strategy on May 1, positioning stablecoins as mature distribution rails for institutional credit. The fund offers investors access to structural advantages from tokenization, protocol incentives, and on-chain market structures. Stablecoins recorded $33 trillion in transaction volume in 2025, with an average of 89 million daily holding addresses, according to Coinbase data. The company generated $1.35 billion in stablecoin revenue that year, contributing to total net revenue of $6.88 billion, where subscriptions and services made up 41% of net revenue. Coinbase already earns heavily from stablecoin economics, with $1.35 billion in stablecoin revenue in 2025, and subscriptions and services accounting for 41% of net revenue, against total net revenue of $6.88 billion. Optional tokenized shares run on Superstate's FundOS platform, with Northern Trust as the fund administrator, Coinbase Prime as the prime services provider, and Base, Solana, and Ethereum as the supported networks. CUSHY fits Coinbase's existing trajectory by converting stablecoin infrastructure into an asset management product with recurring institutional relationships. The announcement comes as Washington navigates tensions between banks and crypto firms over the Clarity Act, with banks opposing stablecoin yields. Coinbase views stablecoins as a bridge to private credit, a sector that grew significantly, with Federal Reserve data showing bank commitments rising from $8 billion in early 2013 to $95 billion by late 2024. McKinsey and others note that while on-chain volumes reached trillions, real-economy payment activity remained at about $390 billion in 2025. Tokenized US Treasuries stood at $13.6 billion in April 2026, per BCG, while RWA.xyz reported tokenized credit at $5.01 billion in distributed value.
