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Coinbase and Marqeta expand partnership to stablecoin cards

Coinbase adds custody, fiat conversion and Base settlement to Marqeta card programs, letting businesses offer stablecoin spending and fund them 24/7.

Uruguay Can Editorial

Coinbase and Marqeta expand partnership to stablecoin cards

Marqeta already issues crypto-backed cards for Coinbase; on Oct. 16, the companies announced an expanded collaboration to let Marqeta’s enterprise customers offer stablecoin-backed cards. According to Marqeta’s announcement, Coinbase will provide the stablecoin infrastructure, while Marqeta handles card issuing and payment processing.

How will a stablecoin balance pay for a card purchase?

Coinbase will hold the stablecoin balances and manage their conversion between digital assets and fiat. Base, Coinbase’s blockchain, will provide the on-chain settlement infrastructure. Marqeta will issue the cards, process payments and manage relationships with banks and card networks. The announcement describes the planned division of work; it does not name a launch date or specific stablecoin.

For a cardholder, the intended path is from a stablecoin balance to a purchase at a merchant that accepts cards. The announcement says cardholders will be able to spend this way at millions of merchants globally, while businesses will be able to fund their card programs 24 hours a day, seven days a week.

What do businesses need to do to offer the cards?

The companies describe a setup in which a business uses Marqeta’s platform for its card program and Coinbase for the stablecoin functions. The announced responsibilities break down as follows:

  1. The business offers a stablecoin-backed card program through Marqeta.
  2. Coinbase provides custody of stablecoin balances and converts between digital assets and fiat.
  3. Base supplies the on-chain settlement infrastructure, while Marqeta processes card payments and manages bank and network relationships.

What changes for Marqeta and Coinbase?

The collaboration extends an existing relationship: Marqeta already issues crypto-backed cards for Coinbase. The companies now say they will bring the combined infrastructure to Marqeta’s enterprise customers, including both crypto-native and non-crypto firms. That gives businesses a proposed way to connect stablecoin balances to card spending without Marqeta taking on the custody and conversion roles described for Coinbase.

Sources