Coinbase, Marqeta expand partnership for enterprise stablecoin payment cards

Marqeta is expanding its partnership with Coinbase to let businesses launch payment cards backed by customers’ stablecoin balances. Under the arrangement, Coinbase will handle stablecoin custody and conversions between digital assets and fiat currency, while Marqeta will manage card issuing and payment processing. Coinbase’s Base blockchain will provide the onchain settlement infrastructure behind the service. The offering is aimed at Marqeta’s business clients across both crypto-native firms and traditional companies. Cardholders will be able to spend stablecoins at millions of merchants worldwide that accept card payments, and businesses will be able to fund card programs around the clock. The two companies had already worked together on Coinbase’s own card business. They have not yet disclosed pricing, a formal launch date, or which stablecoins will be supported first.