Coinbase and Superstate will launch a stablecoin credit fund for institutional investors called the Coinbase Stablecoin Yield Fund (CUSHY).
According to a recent report by The Block, CUSHY is designed to let institutional investors participate in stablecoin-based lending and credit investments through a fund structure.
The fund is the first external fund to be issued through Superstate’s new platform, FundOS, and is targeting a second-quarter launch. Northern Trust Hedge Fund Services will manage the fund.
FundOS supports asset managers in tokenising fund units on Solana, Ethereum and Base, which will be added soon. In theory, tokenised units can be used as collateral on decentralised finance (DeFi) lending protocols or traded 24 hours a day.
CUSHY aims to generate returns through stablecoin lending and private credit opportunities. Coinbase said it plans to make CUSHY’s tokenised unit class available for use as collateral and for transfers on compliant digital exchanges.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr