Coinbase Asset Management launches CUSHY, a tokenized stablecoin yield fund

Coinbase Asset Management announced on April 30, 2026 the Coinbase Stablecoin Yield Fund, known as CUSHY, for institutional investors. The fund aims to generate yield by lending stablecoins and pursuing private credit. Superstate's FundOS platform will issue a tokenized share class, with Northern Trust as administrator and Apollo named as a partner. The launch is small and institution-only, so its direct effect on Coinbase's revenue is modest.

• Announced April 30, 2026 by Coinbase Asset Management
• Target investors are institutions
• Tokenized share class issued on Superstate's FundOS, expected in Q2 2026
• Northern Trust administers the fund; Apollo named as a partner