Coinbase 的新信贷基金揭示了银行为何根据《清晰法案》对抗稳定币收益率

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