Coinbase's (COIN) asset management arm, the Coinbase Stablecoin Credit Strategy (CUSHY), has launched a credit fund tied to stablecoin markets. The fund will offer investors onchain access through a tokenized share class. Investors will also have the option to hold shares onchain through Superstate's platform. This move reflects a growing overlap between traditional credit markets and crypto infrastructure. The move is part of a trend of asset managers using tokenization as an extension of existing products for broader distribution.