Coinbase and Marqeta expand partnership to let businesses issue stablecoin-backed payment cards

Marqeta and Coinbase have expanded a six-year partnership to offer stablecoin-backed payment cards for business customers. Under the arrangement, Coinbase will handle custody of stablecoins as well as crypto-to-fiat and fiat-to-crypto conversion, while Marqeta will manage card issuing and payment processing. On-chain settlement will run through Base, Coinbase’s layer-2 network. The companies said business clients will be able to fund card programs around the clock, and cardholders will be able to spend at millions of merchants that accept card payments. The service is aimed at Marqeta’s enterprise customers, including both crypto-native firms and traditional businesses. Marqeta previously supported backend processing for the Coinbase Visa debit card launched in the U.S. in 2020, making the new announcement an extension of an existing relationship rather than a first-time tie-up. Several details remain undisclosed, including pricing, a launch date, and which stablecoins will be supported at rollout. Those unanswered points are likely to matter for enterprise adoption as the companies push stablecoins deeper into everyday payment infrastructure.