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Coinbase Asset Management announced on April 30 the launch of the Coinbase Stablecoin Credit Strategy (CUSHY), a tokenised on-chain credit fund for qualified institutional investors. CBAM selected Superstate's FundOS platform to issue an on-chain share class of the fund, which is expected to launch in Q2 2026. CUSHY is the first external, third-party fund to be issued using FundOS from inception — previously the platform had only powered Superstate's own internal funds, USTB and USCC, which together hold over $1 billion in AUM. Northern Trust Hedge Fund Services will administer the fund via its Omnium platform, while Coinbase Prime handles trading and prime brokerage. The tokenised share class will be available on Solana, Ethereum and soon Base, with 24/7 subscriptions and redemptions, USDC payment support and DeFi protocol integrations.
CUSHY targets three yield pillars across public and private credit
CUSHY is designed as a diversified opportunistic credit strategy built to capture yield premiums created by the migration of capital on-chain. The fund targets three pillars: public credit through liquid digital-economy instruments, private and opportunistic credit through asset-based lending to both crypto-native and traditional borrowers, and structural returns from tokenisation incentives and on-chain market positions. Apollo is cited as a partner in CBAM's broader stablecoin credit strategy, though its precise role in CUSHY's credit origination pipeline has not been detailed. CBAM is an SEC-registered Investment Adviser, a CPO and CTA registered with the NFA, and regulated by the CFTC. The fund is restricted to qualified institutional and accredited investors with no public registration indicated. Exact fund size, target AUM, yield targets and fee structures have not been disclosed, and the specific DeFi protocols where CUSHY shares can be deployed have not been named.
FundOS is gaining traction as shared tokenisation infrastructure for institutional managers
Superstate, founded in 2022 by Robert Leshner, raised an $82 million Series B in January 2026 and is registered with the SEC as a transfer agent. FundOS was opened to external asset managers in April 2026 and is positioned as a turnkey operating system that allows managers to tokenise fund shares and manage blockchain-based shares alongside traditional infrastructure. Invesco, with $2.2 trillion in AUM, became the first large traditional asset manager to adopt the platform, announcing it would become investment manager of USTB in Q2 2026. CBAM itself previously launched the Bitcoin Yield Fund for accredited U.S. investors and in March 2026 added a tokenised share class on Base via Apex Group. The pattern across CUSHY, Invesco's adoption and CBAM's earlier Base share class suggests asset managers are starting to treat tokenisation as an extension of existing products for broader distribution rather than a standalone experiment — with FundOS emerging as shared infrastructure rather than one-off custom token structures.
