Eligibility file · Credit fund

Coinbase USD Stablecoin Yield Fund (CUSHY)

What the client owns

Share of a Cayman feeder whose manager lends stablecoins and buys credit, targeting SOFR plus 4 to 7 percentage points. Not stated: The issuer’s documents do not say whether the chain or an off-chain register governs. The file records the gap and the date it was checked.

Who may hold it

US qualified purchasers. First purchase $100,000. Superstate’s fund page lists eligible investors as “US UBO, Qualified Purchasers, Non-US UBOs qualified per their jurisdiction” and the structure as an open-ended 506(c) fund. The Form D filed 23 June 2026 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, which admits only qualified purchasers, so the file takes that reading. The Form D states the same $100,000 minimum and says the manager may raise, lower, or waive it; it reports $25,000,000 sold to 2 investors since the first sale on 11 June 2026. Investors onboard with Superstate, Northern Trust, and Coinbase Asset Management.

Who can freeze or claw back

Solana: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Base: can pause transfers, claw back, gate who may hold, mint, change the code (freeze unverified). Owner key: a single key. A single key, through a contract, can change the code with no delay.

How it exits

Redeem with the issuer in its window. Quarterly: proceeds are paid on the Redemption Dealing Day for requests received in the previous calendar quarter, through Northern Trust as administrator. One sentence of Superstate’s documentation also says liquidity is offered at month end; its fund page and redemption section say quarterly, and the file follows them. Settles in USD, USDC.

Research and shelf status are on the memo: Coinbase USD Stablecoin Yield Fund (CUSHY) Adverse research finding

Issuer

Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd (Cayman Islands exempted company, SEC CIK 2138534); Coinbase Asset Management, LLC as investment manager; Northern Trust Global Fund Services Cayman Limited as administrator; Superstate Services LLC as transfer agent; Coinbase Custody Trust Company as custodian

Registration

Private placement, Rule 506(c)

Official record

Superstate Services LLC (SEC-registered transfer agent, named on Superstate’s fund page); Northern Trust handles subscriptions and redemptions as administrator. The documents read do not say whether the transfer agent’s books or the chain govern., SEC-registered transfer agent

Instruments

CUSHY

Chains

Solana, Base

Reviewed

2026-09-24 · v1

Next review

2027-03-24

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

A share of a Cayman fund that earns yield from stablecoin lending and credit.

“CUSHY seeks to generate yield from high-quality stablecoin private credit, direct lending, and tokenized credit opportunities.”

Superstate docs: Coinbase CUSHY · Fund information · words found 2026-09-24

Who may hold it

Qualified purchasers, and non-US owners qualified where they live; the Form D’s 3(c)(7) claim means qualified purchasers.

“US UBO, Qualified Purchasers, Non-US UBOs qualified per their jurisdiction”

Superstate: CUSHY, Coinbase USD Stablecoin Yield Fund (fund page) · Details, Eligible investors · words found 2026-09-24

First purchase minimum

$100,000.

“The minimum initial investment is $100,000.”

Superstate docs: Coinbase CUSHY · Subscribing · words found 2026-09-24

Who it may be transferred to

Only between allowlisted wallets.

“CUSHY is freely transferable between wallet addresses on the Allowlist.”

Superstate docs: Coinbase CUSHY · Introduction · words found 2026-09-24

How a holder redeems

Quarterly, paid on the dealing day after the quarter in which the request arrives.

“Proceeds are delivered on the Redemption Dealing Day for requests received in the previous calendar quarter.”

Superstate docs: Coinbase CUSHY · Redeeming · words found 2026-09-24

Who keeps the official record

Superstate Services LLC is the transfer agent; the documents read do not say whether its books or the chain govern.

“Superstate Services LLC”

Superstate: CUSHY, Coinbase USD Stablecoin Yield Fund (fund page) · Service providers, Transfer agent · words found 2026-09-24

What the issuer says it can freeze or take back

Superstate’s admin key can add and remove wallets from the allowlist and burn a holder’s tokens.

“This includes all minting, adding or removing users from the allowlist, and forcibly burning an investor’s tokens (if required by exogenous legal circumstances, for example).”

Superstate docs: Smart contracts · EVM contracts · words found 2026-09-24

Fact	What the file records
Who onboards the holder	issuer
Voting rights	None
Distributions	reinvested
SIPC coverage of the wallet	No

What the issuer filed with the SEC

A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.

Filed	Form	Exemption claimed	Minimum	Sold to date	Investors
2026-06-23	D	Rule 506(c); Investment Company Act section 3(c)(7)	$100,000	$25,000,000	2

Filed by Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd (SEC CIK 2138534). Sold to date counts every sale since the first, not the fund’s size today. Ketju reads EDGAR daily; a new filing reopens this file.

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

Agent	SEC file	On EDGAR since	TA-2 period	Accounts	Issues with master file	Work it hires out
Superstate Services LLC	084-06972	2025-02-03	2025-12-31	107	0	None

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
Solana	Yes	No	Yes	Yes	No	An account only a program can sign for can freeze a holder and claw back tokens.
Base	Unverified	Yes	Yes	Yes	Yes	Owner key: a single key. A single key, through a contract, can change the code with no delay.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-24. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Chain	Key	What it can do	Held by	Address
Solana	Mint authority	mint new tokens	a single key	7gF8fi…xAHF
Solana	Freeze authority	freeze a holder	an account only a program can sign for	2Yq4T3…pM7x
Solana	Permanent delegate	claw back tokens	an account only a program can sign for	2Yq4T3…pM7x
Base	Owner	grant and revoke these powers	a single key	0xb6c7…1731
Base	Proxy admin	change the code	a contract run by a single key	0x9c3a…30db
Base	Allowlist owner	decide who may hold, grant and revoke these powers	a single key	0x7747…b2fe

Solana: 4 contract reads at block 449904732, 0 functions in verified source, 2026-09-24

Read from the chain

mintAuthority=7gF8fi4zEebLNGME2Qb5BM5AVasUJ5FeXrMho9DvxAHF
freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
defaultAccountState=frozen

Base: 5 contract reads at block 51715333, 4 functions in verified source, 2026-09-24

Read from the chain

eip1967.implementation=0xaa9f823300e38ef419e3d66d6fb195d6444346d1
eip1967.admin=0x9c3a0bea94c1246cafe93456fb735406bfbe30db
owner()=0xb6c711108929efd444c54472fe6abd1db08b1731
paused()=false
allowlist()=0x157dae58e832459cd2bd3a8007e50b2b1b3fcf1a

Read from verified source

allowlist in verified source 0xaa9f…46d1
accountingPause in verified source 0xaa9f…46d1
adminBurn in verified source 0xaa9f…46d1
mint in verified source 0xaa9f…46d1

Where it trades

Venue	Kind
Superstate	issuer primary

How it exits

Path	Settlement	Settles in
Redeem with the issuer in its window	Quarterly: proceeds are paid on the Redemption Dealing Day for requests received in the previous calendar quarter, through Northern Trust as administrator. One sentence of Superstate’s documentation also says liquidity is offered at month end; its fund page and redemption section say quarterly, and the file follows them	USD, USDC

Reopen conditions: events that change an answer above

Coinbase Asset Management or Superstate publishes the offering memorandum; the file is then re-read for the investor class, gates, and redemption terms
The Solana mint, freeze, or permanent-delegate authority changes, or the Base owner, proxy admin, or implementation changes
Superstate settles whether redemptions are monthly or quarterly, or the fund gates or delays a redemption
A Form D amendment changes the minimum, the exemption, or the investor count

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. EDGAR is read for the issuer’s Form D filings and the transfer agent’s registration; a new filing reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.

Sources

Superstate: CUSHY, Coinbase USD Stablecoin Yield Fund (fund page) · primary · accessed 2026-09-24
Supports: eligible investors, Cayman domicile, 506(c) open-ended, monthly subscriptions, quarterly redemptions, service providers, Solana and Base contracts, $25.2M AUM, 0.75% tokenized-class fee
Superstate docs: Coinbase CUSHY · primary · accessed 2026-09-24
Supports: $100,000 minimum, transfers between allowlisted wallets, Northern Trust administrator, quarterly redemption dealing, monthly NAV
Superstate docs: Smart contracts · primary · accessed 2026-09-24
Supports: upgradeable contracts, admin mints, allowlists, and burns
SEC EDGAR: Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd, Form D filed June 23, 2026 · primary · accessed 2026-09-24
Supports: Cayman exempted company, Rule 506(c), section 3(c)(7), $100,000 minimum, waivable, 2 investors, $25M sold, Coinbase Asset Management as investment manager
CUSHY Solana token metadata (api.superstate.com) · primary · accessed 2026-09-24
Supports: issuer-anchored Solana mint
CUSHY implementation on Base (Blockscout verified source, FundTokenV1_3_0) · primary · accessed 2026-09-24
Supports: allowlist, accountingPause, adminBurn, mint

The file is public. The subscription checks it against each of your households and watches it daily. $49 per advisor per month, first 14 days free. Start the trial.