Marqeta, a platform for card issuing and payment processing, has partnered with Coinbase, a cryptocurrency exchange and digital asset services provider, to enable businesses to offer stablecoin-backed payment cards. The agreement expands an existing relationship under which Marqeta issues crypto-backed cards for Coinbase.
The collaboration will expand Marqeta’s relationship with Coinbase, for whom Marqeta already issues crypto-backed cards. The expanded relationship will bring together capabilities suited to the stablecoin-backed card needs of Marqeta’s enterprise customers. Coinbase will handle custody of stablecoin balances and manage the conversion between digital assets and fiat, while Base, Coinbase's blockchain, will provide the on-chain infrastructure for fast, secure, low-cost settlement. Marqeta will provide the card issuance and payment processing, and manage the bank and network relationships. Through the collaboration, businesses will be able to issue stablecoin-backed cards and fund their programs 24/7, while cardholders will be able to spend from a stablecoin balance at millions of merchants that accept cards globally. Together, the companies make it easier for businesses to turn stablecoin balances into everyday spending.
“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 has long been at the forefront of bridging traditional and decentralized finance, expanding beyond basic crypto trading to build a robust digital asset infrastructure through one regulated interface. Integrating with Coinbase will deepen Marqeta’s ability to provide its customers a single platform to deliver end-to-end payment offerings that unlock meaningful value across both fiat and digital asset markets.
“As we build out the complete stack for stablecoin-backed cards, expanding our relationship with Coinbase was a natural next step,” said Anthony Peculic, Chief Strategy Officer at Marqeta. “Coinbase brings scale and breadth of infrastructure to provide for the needs of our enterprise customers. Together, we will expand what businesses can deliver through Marqeta’s issuing and processing platform.”
