Coinbase and Marqeta expand partnership to offer stablecoin-funded payment cards
Coinbase to power stablecoin-backed cards for Marqeta customers
Coinbase and payments company Marqeta are expanding their partnership to let businesses offer payment cards funded by customers' stablecoin holdings. Stablecoins are digital currencies designed to maintain a steady value, typically pegged to the US dollar.
Under the new arrangement, Coinbase will handle custody of the stablecoins and manage the conversion between digital and traditional currencies. Marqeta will continue to manage card issuing and payment processing. The onchain settlement will run on Base, Coinbase's own blockchain network.
What the companies say
The announcement was made in a Friday press release. Alec Lovett, head of infrastructure products at Coinbase, said the collaboration combines Coinbase's stablecoin payment rails with Marqeta's issuing and processing capabilities to deliver real-time global transactions.
The service is aimed at Marqeta's business customers, which include both crypto and traditional companies. Cardholders will be able to spend their stablecoins at merchants that accept cards, while businesses can fund their card programs around the clock, the companies said.
Key numbers
- The partnership between Coinbase and Marqeta spans six years.
- The two companies previously collaborated on Coinbase's U.S. debit card offering, announced in October 2020.
- Base will provide the onchain settlement infrastructure.
What is still unclear
The press release did not specify fees, a rollout date, or which stablecoins will initially be supported.
Why this matters
The expansion gives more businesses access to a way for their customers to spend stablecoins using familiar payment cards. It also extends the use of Base for settlement outside of Coinbase's own products.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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