Research summary
CUSHY is a share of Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd, a Cayman company that Coinbase Asset Management runs to lend stablecoins and buy credit. It targets SOFR plus 4 to 7 percentage points and showed a 30-day yield of 7.54% on Superstate’s page. Superstate is transfer agent and issues the token on Solana and Base. The Form D, filed 23 June 2026, reports $25 million sold to two investors, and two Solana wallets hold 240,000 of the 250,000 tokens. The Form D claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, so only qualified purchasers may buy. The minimum is $100,000, which the manager may raise, lower, or waive. Subscriptions are monthly and redemptions quarterly: a request made in one calendar quarter is paid on a dealing day in the next. The assessment is adverse. Model clients are not qualified purchasers. For one who is, CUSHY pays a spread for lending to crypto borrowers, charges 0.75% plus 10% of returns, returns money once a quarter, and has two holders; the token adds allowlisted transfers, not an earlier exit.
Observable review triggers
- Coinbase Asset Management or Superstate publishes the offering memorandum and it changes the investor class, fees, or redemption terms
- The fund opens to accredited investors under section 3(c)(1)
- The fund gates or delays a quarterly redemption, or a borrower default cuts NAV
- The Solana mint authority or the Base owner key moves to a multisig with a delay
Facts on file
- Verdict
- Rejected
- Type
- Tokenized real-world assets
- Chains examined
- Solana, Base
- Instruments
- CUSHY
- Reviewed
- Last confirmed