Coinbase Asset Management and Apollo Partner to Develop Stablecoin Credit Strategies
TL;DR: Coinbase Asset Management (CBAM) and Apollo establish a partnership to develop strategies that generate diversified credit returns from the rapidly growing stablecoin economy.
Coinbase Asset Management (CBAM), the global investment manager and wholly owned subsidiary of Coinbase Global, Inc., is launching a strategic partnership with Apollo (NYSE: APO), a leading alternative asset manager, to bring Coinbase stablecoin credit strategies to market.
This initiative serves as a bridge for the stablecoin, private-credit-lending, and tokenization economies, seeking to unlock high-quality credit opportunities in the rapidly expanding stablecoin ecosystem.
CBAM, which is focused on delivering digital-asset strategies for qualified investors, and Apollo–a leader in credit underwriting, origination, and tokenized asset solutions–will collaborate on credit investments with the goal of bringing innovative products to market in 2026.
The Stablecoin Credit Revolution
“Stablecoins have reached $300 billion in market capitalization as of October 2025, with projections to hit $3 trillion by 2030 amid GENIUS Act tailwinds”1. The global stablecoin ecosystem, which operates 24/7 on blockchain rails, creates opportunities not available in traditional private credit portfolios. We look forward to working with firms around the world to unlock this new market. - Anthony Bassili, President of Coinbase Asset Management.
Strategies Will Include:
Over-Collateralized Asset Lending: Loans against digital collateral, such as over-collateralized bitcoin in a tri-party agreement, or lending against tokenized investment products.
Corporate Direct Lending: Direct lending to traditional borrowers, as well as digitally native borrowers such as stablecoin issuers, payment-service providers, neobanks, and fintechs, secured by digital collateral.
Tokenized Credit Holdings: Tokenized investment products providing exposure to Apollo-managed credit strategies and utilizing Coinbase Tokenization will bring novel, natively digital investment strategies to market.
The strategies aim to prioritize GENIUS-compliant opportunities, ensuring transparency via monthly audits and 1:1 reserves.
Strategic Partnership with Apollo
CBAM has selected Apollo as its Strategic Credit Partner, leveraging the firm’s leading private- credit franchise and significant expertise in asset tokenization. This alliance combines CBAM’s digital-asset-management expertise with Apollo’s disciplined credit management and origination capabilities.
“Partnering with CBAM accelerates our vision of tokenizing credit markets and demonstrates how Apollo’s credit expertise and tokenization strategy can power new forms of yield generation and access within the expanding stablecoin ecosystem.”2 - Christine Moy, Partner and Head of Digital Assets, Data and AI Strategy at Apollo.
About Coinbase Asset Management
Coinbase Asset Management (CBAM) is a global investment manager and wholly owned subsidiary of Coinbase Global, Inc. (NASDAQ: COIN), the leading U.S.-based cryptocurrency exchange. CBAM designs regulated, innovative strategies for institutional investors, emphasizing compliance, risk management, and access to the digital-asset economy.
About Apollo Global Management
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.
Forward-Looking Statements
This blog contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Factors include regulatory changes, market volatility, and execution risks. See Coinbase’s and Apollo’s SEC filings for additional details.
1Treasury.Gov Digital Money Report - Stablecoin market cap as of October 8, 2025, per CoinMarketCap and DefiLlama data. Projections based on Bessent Treasury estimates and industry analyses. Quote attributed to Anthony Bassili, President, CBAM, October 27, 2025.
2 Quote attributed to Christine Moy, Head of Digital Assets, Apollo, October 27, 2025.
The statements by Anthony Bassili and Christine Moy reflect their views as executives of the respective partnering firms. The partnership between CBAM and Apollo is a commercial arrangement from which both firms may receive fees and is a material conflict of interest that will be disclosed fully to investors.
