Le nouveau fonds de crédit de Coinbase montre pourquoi les banques luttent contre le rendement stable des pièces en vertu du Clarity Act
Burns Brief
Alors que Washington tente de naviguer dans la bataille du stablecoin entre les banques et les sociétés de cryptographie au sujet du Clarity Act, Coinbase a maintenant annoncé la « Coinbase Stablecoin Credit Strategy » (CUSHY), ta... Le sentiment du marché devient positif, les traders et les analystes soulignant un potentiel de suivi dans les sessions à venir. Surveillez la réaction de $ETH $SOL : un mouvement décisif au-dessus ou en dessous des niveaux clés confirmera la prochaine tendance.
While Washington attempts to navigate the stablecoin battle between banks and crypto companies over the Clarity Act, Coinbase has now announced the “Coinbase Stablecoin Credit Strategy” (CUSHY), targeting qualified investors and institutions with exposure to public, private, and opportunistic credit. The firm also said that it offers investors access to the structural alpha from tokenization, protocol incentives, and on-chain market structure. The launch is a direct bet that stablecoins , which topped $33 trillion in transaction volume in 2025 and had an average of 89 million daily holding addresses, are mature enough to serve as distribution rails for institutional credit. Coinbase already earns heavily from stablecoin economics, with $1.35 billion in stablecoin revenue in 2025, and subscriptions and services accounting for 41% of net revenue, against total net revenue of $6.88 billion. Optional tokenized shares run on Superstate's FundOS platform, with Northern Trust as the fund administrator, Coinbase Prime as the prime services provider, and Base, Solana, and Ethereum as the supported networks. CUSHY fits Coinbase's existing trajectory by converting stablecoin infrastructure into an asset management product with recurring institutional relationships. Item Detail Product Coinbase Stablecoin Credit Strategy (CUSHY) Issuer Coinbase Asset Management Target investors Qualified investors and institutions Strategy focus Exposure to public, private, and opportunistic credit Additional return sources Structural alpha from tokenization, protocol incentives, and on-chain market structure Share structure Optional tokenized shares Tokenization platform Superstate FundOS Fund administrator Northern Trust Prime services provider Coinbase Prime Supported networks Base, Solana, Ethereum Strategic significance Turns stablecoin infrastructure into an institutional credit-distribution and asset-management product rather than a pure payments or trading rail The credit layer stableco
Key Takeaways
- The firm also said that it offers investors access to the structural alpha from tokenization, protocol incentives, and on-chain market structure
- Coinbase already earns heavily from stablecoin economics, with $1
- 35 billion in stablecoin revenue in 2025, and subscriptions and services accounting for 41% of net revenue, against total net revenue of $6
- CUSHY fits Coinbase's existing trajectory by converting stablecoin infrastructure into an asset management product with recurring institutional relationships
- Only about $8 billion of that flowed through capital markets settlement in 2025, per McKinsey