Coinbase launches tokenized credit fund leveraging $33 trillion stablecoin volume as earnings forecast weakens
Coinbase launched the CUSHY digital credit fund with tokenized shares on Base, Solana and Ethereum, leveraging $33 trillion stablecoin volume and institutional partners Coinbase Prime, Northern Trust and Superstate. Analysts forecast a drop in upcoming quarterly earnings due to weak trading volumes and fee revenue mix.
1. CUSHY Digital Credit Fund Launch
Coinbase introduced the CUSHY digital credit fund for qualified investors and institutions, offering a diversified opportunistic strategy with tokenized share classes that provide onchain exposure to private and public credit tied to the digital economy.
2. Tokenization and Institutional Infrastructure
Superstate’s FundOS powers the tokenization layer, enabling tokenized share issuance across Base, Solana and Ethereum networks, while Coinbase Prime and Northern Trust deliver prime services and fund administration to uphold institutional risk controls.
3. Market Scale and Stablecoin Metrics
The fund rollout capitalizes on the stablecoin market’s growing scale, which processed over $33 trillion in transaction volume in 2025 with an average of 89 million daily active addresses, driving demand for onchain credit products.
4. Earnings Forecast and Analyst Rationale
Analysts project Coinbase’s upcoming quarterly earnings will decline, citing insufficient trading volume growth and an unfavorable fee revenue mix that diminish the likelihood of an earnings beat and could pressure margins.