CUSHY, the Coinbase USD Stablecoin Yield Fund, is a tokenized share class managed by Coinbase Asset Management that gives institutional investors onchain exposure to a short-duration, opportunistic digital credit strategy [S1][S2].

The fund deploys stablecoin capital across diversified credit opportunities in both traditional and digital-asset markets, generating yield primarily through stablecoin lending and private credit investments [S2]. Each token represents a share of the fund at a net asset value of 100 USD, with USD and USD Coin (USDC) as the fund's base assets [S2]. Investors bear a management fee of 0.75% and a performance fee of 10% [S2].

Coinbase Asset Management serves as the investment manager, and CUSHY is the first third-party fund issued on Superstate's FundOS tokenization platform, previously used for Superstate's own USTB and USCC strategies [S1]. The fund is offered to U.S. Qualified Purchasers and institutional investors, with a minimum investment of 200,000 USD, monthly subscription windows and quarterly redemptions [S2]. Northern Trust Hedge Fund Services administers the fund on the Omnium platform, Coinbase Custody safeguards crypto assets with Coinbase Prime as broker, and Deloitte provides audit services [S2].

CUSHY is issued natively on the Solana blockchain as a Token-2022 asset, with additional onchain share classes planned on Ethereum and Base [S1][S2].

<Sources
  retrievedAt="2026-07-06"
  items={[
    { id: "S1", url: "https://superstate.com/newsroom/coinbase-asset-management-tokenize-fund-fundos" },
    { id: "S2", url: "https://app.rwa.xyz/assets/CUSHY" },
  ]}
/>


Tokenized funds

Coinbase generates revenue primarily from transaction fees on trades, alongside custody, staking, and subscription services.

Coinbase is a centralized cryptocurrency exchange where users buy, sell, store, and trade digital assets. It operates a retail trading app, an advanced trading platform, custody services, and the Base layer-2 network, and issues wrapped assets such as cbBTC and cbETH.

Coinbase Global, Inc. is a publicly traded company (NASDAQ: COIN) headquartered in the United States, serving retail and institutional customers.

website

twitter

docs

terms

Exchanges (CEX)

Coinbase

Coinbase USD Stablecoin Yield Fund (CUSHY) is a tokenized fund share issued by Superstate through Coinbase Tokenized Stablecoin Yield US Feeder Fund LTD and managed by Coinbase Asset Management, LLC with Coinbase Asset Management as sub-advisor.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in private credit, and charges a 0.75% annual management fee.

Its assets sit with Coinbase Custody Trust Company, LLC, administered by Northern Trust, with Superstate Services LLC as transfer agent and Deloitte & Touche Chartered Accountants as auditor.

Accredited investors and qualified purchasers can subscribe and redeem.

Coinbase Tokenized Stablecoin Yield US Feeder Fund LTD is incorporated in the Cayman Islands and is offered under an SEC Regulation D exemption.

CUSHY has been issued on Solana as a SPL Token-2022 token since May 2026.

Coinbase USD Stablecoin Yield FundCUSHY

All metrics