Coinbase Asset Management has introduced CUSHY, a strategy designed to bring institutional credit onchain via a tokenized fund for qualified investors. The approach links stablecoin settlement, tokenized fund shares, and credit exposure, launching against a backdrop of rising blockchain adoption as stablecoin transfer volumes exceeded $33 trillion in 2025.
What the CUSHY Strategy Does
CUSHY is structured to give institutions access to credit exposure through tokenized shares issued and managed on blockchain networks. It integrates stablecoin rails for subscription, redemption, and settlement, aiming to reduce operational frictions and improve the speed of capital flows.
- Tokenized fund shares that represent exposure to institutional credit.
- Stablecoin-based settlement for faster, programmable cash flows.
- Onchain lifecycle events and transferability across supported networks.
Why It Matters for Institutional Credit
The strategy targets long-standing bottlenecks in institutional credit markets by leveraging onchain infrastructure. Tokenization can streamline issuance and distribution, enhance auditability of positions and flows, and enable near real-time settlement. For investors, it offers a way to access credit exposure with blockchain-native mechanics while maintaining a fund structure.
Access and Eligibility
CUSHY is offered by Coinbase Asset Management to qualified investors and institutions, subject to applicable regulations and onboarding requirements. The structure is intended to align institutional compliance standards with onchain operations, providing a bridge between traditional market participants and blockchain-based settlement.
Market Context
The launch comes as stablecoin usage has expanded rapidly, with transfer volumes surpassing $33 trillion in 2025. The scale of stablecoin settlement suggests growing demand for blockchain-native financial products, including tokenized funds and credit strategies that can operate across multiple networks.