Coinbase Asset Management is taking another fund onchain, this time in stablecoin credit rather than bitcoin yield. On Thursday, Superstate said Coinbase Asset Management selected its FundOS platform for an onchain share class tied to a new fund called CUSHY.

What was announced

The primary source is narrow but clear. Superstate's newsroom post says CUSHY will launch with an onchain share class from the start, making it the first external fund to use FundOS from inception rather than being tokenized later.

CoinDesk reported the vehicle as a stablecoin credit fund and said the tokenized shares are planned for Ethereum, Solana, and Base. If that rollout holds, the product would be one of the clearer attempts to package stablecoin-linked credit exposure inside a blockchain-native fund wrapper.

Why it matters

The bigger signal is not just another tokenized fund announcement. Using an onchain share class from inception suggests tokenized distribution is starting to look more like repeatable fund infrastructure and less like a one-off experiment.

There are still important unknowns. The public materials reviewed Thursday did not disclose fund size, expected yield, fee terms, or a launch date for the tokenized share class beyond the announcement itself. That makes this more of an infrastructure milestone than a proven adoption story for now — but it is a concrete one.