Payments technology firm Marqeta is broadening a six-year collaboration with Coinbase to enable enterprises to provide payment cards backed by users’ stablecoin balances.
An announcement on Friday stated that Coinbase will manage stablecoin custody and execute conversions between digital and fiat currencies. Meanwhile, Marqeta will oversee card issuance and transaction processing.
The onchain settlement layer will be powered by Coinbase’s Base blockchain.
The offering targets Marqeta’s corporate clients, encompassing both crypto-native and conventional businesses. Card users will be capable of utilizing their stablecoins at millions of merchant locations that accept cards, and enterprises will have the ability to finance their card programs around the clock, according to the firms.
"Coinbase is enabling businesses to move money with the speed and efficiency they require," said Alec Lovett, Head of Infrastructure Products Coinbase. "Our collaboration with Marqeta will combine our stablecoin payment rails with their powerful issuing and processing capabilities to deliver real-time global transactions that meet the needs of modern consumers and businesses."
Coinbase and Marqeta have previously collaborated on the exchange’s proprietary card product. In October 2020, the cryptocurrency platform selected Marqeta as the processor for its U.S. debit card program. That card enabled users to spend digital assets, such as USDC, and receive cryptocurrency rewards.
The press release omitted details regarding fee structures, launch timelines, or the specific stablecoins that will be supported at launch.
Originally published at https://www.theblock.co/news/business/2026-10-16-coinbase-to-power-stablecoin-backed-cards-for-marqeta-customers-418833.
