Coinbase Asset Management (CBAM) announced the launch of its digital lending strategy, CUSHY, which introduces a tokenized shareclass mechanism to connect the traditional credit market with the on-chain financial system. The strategy focuses on three main areas: highly liquid on-chain public credit assets, structured private credit from digital native and traditional borrowers, and structured revenue streams that combine tokenization and protocol incentives. Built on Superstate’s FundOS tokenization platform, it enables on-chain representation and 24/7 trading of fund shares and supports operation on multiple networks, including Ethereum, Solana, and Base.