छादयामि जगद्विश्वं भूत्वा सूर्य इवांशुभिः ।सर्वभूताधिवासश्च वासुदेवस्ततः स्मृतः ॥
In plain words
"Becoming like the sun with its rays, I cover this whole moving world." And he is the dwelling of all beings — for both reasons he is called Vāsudeva.
Close to the Sanskrit
"I cover the entire world, having become like the sun with its rays" — and he is the dwelling place of all beings; therefore he is remembered as Vāsudeva.