Coinbase CUSHY

Coinbase USD Stablecoin Yield Fund

New to Superstate? Start with Getting started and the Investor Portal.

The Coinbase USD Stablecoin Yield Fund (CUSHY), managed by Coinbase Asset Management (CBAM), seeks yield from stablecoin private credit and direct lending. Subscriptions and redemptions are handled by the fund administrator, Northern Trust. Shares are available as tokens on Solana or in book-entry. CUSHY is freely transferable between wallet addresses on the Allowlist. Purchases and redemptions are handled by the fund administrator, Northern Trust, and facilitated through USD or USDC with liquidity offered at monthly end.

Fund information

CUSHY seeks to generate yield from high-quality stablecoin private credit, direct lending, and tokenized credit opportunities. CUSHY targets yield similar to the Secured Overnight Financing Rate SOFR + 400-700bps+. While the strategy may expand over time, the credit exposure primarily comes from three core areas, including: Liquid Public Credit; Senior Secured, Direct Lending & Asset Backed Finance; and Opportunistic Credit & Structural Alpha. Its NAV/S started at $100.000000 and updates on a monthly basis.

To learn more, please refer to CBAM's fund overview, the CUSHY fund page and How NAV, income & yield work for shared fund income mechanics.

Subscribing

CUSHY subscriptions are handled by the fund administrator. Investors must complete onboarding with Northern Trust and Coinbase Asset Management (in addition to Superstate portal onboarding), and then submit the subscription request. Subscriptions can be requested as either issuance as tokens to an allowlisted Solana address or as book-entry shares. Shares are delivered on the Subscription Dealing Day for orders received in the previous calendar month. The minimum initial investment is $100,000.

See Subscription for the step-by-step.

Redeeming

Investors can view redemption instructions in the Superstate portal. CUSHY redemptions are periodic. Proceeds are delivered on the Redemption Dealing Day for requests received in the previous calendar quarter.

See Redemption for the step-by-step.

Tokenizing book-entry shares

Investors can convert book-entry CUSHY shares into tokens on Solana. Tokenization works the same across all Superstate funds; only the supported networks differ.

See Tokenizing book-entry shares for the step-by-step.

Market days & holidays

See the holiday calendar.

Addresses

Token contracts and oracles by chain: see Smart contracts.

Documents

Fund documents and statements are available in the Investor Portal.

For Disclosures and Risk Factors related to the Coinbase USD Stablecoin Yield Fund visit https://superstate.com/assets/cushy#disclaimers