> For the complete documentation index, see [llms.txt](https://docs.superstate.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy.md). # Coinbase CUSHY > New to Superstate? Start with [Getting started](/investors/getting-started.md) and the [Investor Portal](/investors/investor-portal.md). 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](https://cbam.coinbase.com/cushy-details), the [CUSHY fund page](https://superstate.com/assets/cushy) and [How NAV, income & yield work](/investors/tokenized-funds/nav-income-and-yield.md) 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](/investors/tokenized-funds/subscribe.md) 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](/investors/tokenized-funds/redeem.md) 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](/investors/investor-portal/tokenizing-book-entry-shares.md) for the step-by-step. ### Market days & holidays See [the holiday calendar](/investors/tokenized-funds.md#market-days-and-holidays). ### Addresses Token contracts and oracles by chain: [see Smart contracts](/investors/smart-contracts.md). ### Documents Fund documents and statements are available in the [Investor Portal](https://superstate.com/assets/uscc). For **Disclosures and Risk Factors** related to the Coinbase USD Stablecoin Yield Fund visit