Coinbase Enters Digital Credit Market with CUSHY Strategy

Coinbase Asset Management has made a significant foray into the world of digital credit strategies with the launch of CUSHY. Built on Superstate's FundOS operating system, this innovative strategy enables 24/7 primary and secondary market trading of fund shares across networks such as Solana and Base.

The key pillars of CUSHY are three-fold: on-chain public credit assets, structured private credit serving both digital-native and traditional borrowers, and tokenized yield sources that package underlying credit exposures into blockchain-native instruments. FundOS is designed to streamline the tokenization of real-world assets for asset managers seeking on-chain capital formation.

CUSHY is part of a broader trend towards tokenized private credit markets, which research notes reached $9.68 billion in 2025 after growing 930%. This shift towards on-chain credit systems is seen as providing transparent, efficient, and permissionless alternatives to bank-led lending that rely on smart contracts, decentralized oracles, and on-chain identity for underwriting.