Coinbase Asset Management and Superstate Launch $25M CUSHY Stablecoin Credit

Coinbase cbBTC$64,303.16+0.8% Coinbase Asset Management and Superstate confirmed on July 27 that the Coinbase USD Stablecoin Yield Fund (CUSHY) has a $25 million onchain share class now live on Solana. Coinbase Asset Management built the investment strategy; Superstate built the onchain rails through its FundOS tokenization platform, issuing fund shares using Solana's Token-2022 standard.

What CUSHY Invests In: Stablecoin Private Credit, Direct Lending, and Structural Alpha

CUSHY deploys stablecoin capital across liquid public credit instruments in the digital-economy market, senior secured direct lending and asset-backed finance to both traditional and crypto-native borrowers, and opportunistic positions that combine tokenization incentives, protocol rewards, and onchain market structures. The fund targets yield at the Secured Overnight Financing Rate plus 400 to 700 basis points, according to Superstate's fund page.

Superstate co-founder Jim Hiltner described the division of roles: Superstate is "the connective tissue between onchain demand and managers who have highly sophisticated institutional experience," per CoinDesk. The fund's current holder count of two reflects its institutional-only access restrictions and minimum subscription threshold.

Investor Access and Terms: Qualified Purchasers, Monthly Subscriptions, Quarterly Redemptions

Access is limited to U.S. qualified purchasers and accredited investors, and to non-U.S. investors meeting applicable jurisdiction standards. The minimum subscription is 200,000 USDC. Subscriptions process monthly; redemptions are quarterly with notice required.

Share Class T, the tokenized Solana-native class, carries a 0.75% annual management fee versus 1.25% for the off-chain Share Class A per Superstate's fund page, with a 10% performance fee across both. Coinbase Custody Trust Company holds fund assets; Northern Trust Global Fund Services Cayman Limited handles administration; Deloitte & Touche audits the fund. CUSHY is structured as a 506(c) open-ended private fund domiciled in the Cayman Islands and reached inception on June 24, 2026.

Superstate's Solana Distribution and the Multi-Chain Rollout

Superstate has been broadening its Solana presence on multiple fronts in recent weeks. Its tokenized funds crossed $17M in active collateral on Kamino Finance earlier this month, and Superstate served as the first compliance partner on Raydium's launch of KYC-gated AMM pools last week. CUSHY's Solana share class runs alongside planned deployments on Ethereum and Base, with Solana as the initial live network for tokenized delivery.