The tokenisation of real-world assets (RWA) is accelerating, with two major developments signaling a shift in how traditional financial products are issued and managed on blockchain. The Cayman Islands Monetary Authority (CIMA) has conditionally registered nine tokenised investment funds, while Coinbase Asset Management (CBAM) has launched a stablecoin credit fund that issues equity tokens on multiple blockchains.
Cayman Islands: First Tokenised Funds Registered
On April 30, 2026, CIMA announced the conditional registration of nine tokenised investment funds, following legislative amendments in March 2026 that created a statutory framework for tokenised fund structures. The updated framework includes coordinated changes to the Virtual Asset Service Providers Act, the Mutual Funds Act, and the Private Funds Act. A key change is the exclusion of tokenised fund interests from the VASP regime, eliminating the need for dual licensing that previously created regulatory uncertainty for fund managers and service providers.
Haymond Rankin, Associate Director for Banking, FinTech, and Virtual Assets at Cayman Finance, emphasized the importance of the new rules: 'The nine tokenised funds now registered in Cayman tell us where the funds industry is heading. Tokenisation is changing how fund interests are issued and transferred, and the institutional pipeline is growing accordingly. The March 2026 amendments gave managers something they had been missing: a clear statutory route for tokenised fund structures, without the dual-licensing risk that had been slowing decisions.'
The Cayman Islands currently host more than 30,000 registered funds representing around $16 trillion in assets, along with a significant portion of global crypto and digital asset hedge funds. The new framework is designed to align traditional fund infrastructure with blockchain-based issuance and transfer mechanisms.
Tokenisation allows fund interests to be represented digitally on blockchain, enabling automated subscriptions, redemptions, compliance checks, real-time net asset value tracking, and extended trading hours. Estimates suggest the tokenised RWA market could reach $10 trillion by 2030, with major asset managers like BlackRock, JPMorgan, and Franklin Templeton already testing tokenised fund models.
Coinbase Launches CUSHY Stablecoin Credit Fund
Also on April 30, 2026, Coinbase Asset Management launched the CUSHY (Coinbase Stablecoin Credit Strategy) fund, a credit fund tied to the stablecoin market. The fund uses the FundOS platform from tokenization specialist Superstate to issue equity tokens on the Ethereum, Solana, and Base blockchains. This allows institutional investors to earn returns through on-chain lending of stablecoins while holding digital equity tokens that represent fund shares.
The fund targets returns by lending stablecoins through DeFi protocols, which match lenders with borrowers for over-collateralized loans. Interest rates are determined algorithmically based on supply and demand. CBAM manages the lending strategy to mitigate risks such as smart contract vulnerabilities and market volatility.
Key benefits include on-chain transparency, near real-time settlement, and the ability to trade equity tokens on secondary markets subject to regulatory compliance. The CUSHY fund is registered as a private fund under SEC oversight, available only to accredited institutional investors. This regulatory clarity is a major advantage over many DeFi lending platforms that operate in legal gray areas.
The launch comes as the stablecoin market has reached a total supply of over $150 billion. Major stablecoins like USDT and USDC dominate the space, but their primary use has been for trading and payments. The CUSHY fund represents a shift toward using stablecoins as a productive asset class, offering higher yields compared to traditional fixed-income products in the current interest rate environment.
Industry experts note that the fund's multi-blockchain approach is particularly noteworthy. Ethereum provides security and a large developer ecosystem; Solana offers high speed and low transaction costs; Base, built on Ethereum by Coinbase, emphasizes scalability and user experience. This broad accessibility could accelerate mainstream adoption of stablecoin-based strategies.
