- Coinbase has partnered with Citi to integrate stablecoins into global payment systems for institutional clients.
- In a parallel move, Coinbase Asset Management is collaborating with Apollo Global Management to develop stablecoin-based credit and lending products.
- The dual announcements on October 27 signal a coordinated strategy by Coinbase to become the foundational crypto infrastructure for Wall Street.
Coinbase has launched a major two-front offensive to deepen its integration with traditional finance, announcing parallel partnerships with banking giant Citi for global payments and asset manager Apollo Global Management for institutional credit.
The moves, both unveiled Monday, represent a coordinated strategy to position Coinbase as the core infrastructure layer for Wall Street’s expansion into digital assets.
The Coinbase Payments Pillar: A Partnership with Citi
The first partnership focuses on embedding stablecoins directly into the infrastructure of global payments. In collaboration with Citi, Coinbase aims to enhance access to digital assets for the bank’s clients, unlock stablecoins for widespread payment use, and streamline the conversion between fiat currency and crypto.
“It’s not a debate anymore; crypto and stablecoins are the tools that will update the global financial system,” stated Brian Armstrong, CEO of Coinbase. Ryan Rugg, Head of Digital Assets at Citi, added that “stablecoins could serve as the key utility” to align money movement with the speed of global commerce.
Citi, which operates in nearly 160 countries, forecasts the stablecoin market could reach $4 trillion by 2030.
The Coinbase Credit Frontier: An Alliance with Apollo
Simultaneously, Coinbase Asset Management announced a partnership with Apollo, one of the world’s largest asset managers, to build out a portfolio of stablecoin credit opportunities. The collaboration will focus on developing strategies for over-collateralized asset lending, corporate direct lending, and the creation of tokenized credit products.
These services will allow institutional clients to borrow against their digital assets and gain exposure to Apollo-managed credit strategies on-chain. “The global stablecoin ecosystem, which operates 24/7 on blockchain rails, creates opportunities not available in traditional private credit portfolios,” said Anthony Bassili, President of Coinbase Asset Management.
The firms aim to bring their first joint credit investment products to market in 2026.
A Coordinated Institutional Strategy
The dual announcements underscore a deliberate push by Coinbase to become the indispensable bridge for institutional capital entering the digital asset ecosystem. By tackling both the payments and credit markets with established Wall Street leaders, Coinbase is moving to solidify its role as a foundational service provider.
While Citi projects a $4 trillion stablecoin market by 2030, Coinbase’s own analysis cited in the Apollo announcement projects a market size of up to $3 trillion, highlighting the massive scale both firms are targeting. The partnerships legitimize digital assets for institutional use cases beyond trading and are expected to accelerate the integration of crypto rails into the core operations of global finance.
Chain Street’s Take
Coinbase’s dual partnerships with Citi and Apollo mark a strategic pivot from exchange to infrastructure provider. By embedding stablecoins into both payments and credit markets, the company isn’t just chasing adoption, it’s positioning itself as the crypto backbone for institutional finance. If successful, this could redefine Coinbase’s role from a market participant to a core utility in the digital asset economy.
