Marqeta and Coinbase Expand Partnership to Bring Stablecoin-Backed Cards to Businesses

Marqeta has announced a collaboration with Coinbase to offer stablecoin-backed cards to both crypto-native and non-crypto firms. For PSPs and card programs serving high-risk merchants, the point is straightforward: stablecoin balances are moving from treasury tooling into everyday card spend.

1. Marqeta will use Coinbase’s crypto infrastructure to let businesses issue cards that convert stablecoin balances into card spend. The companies say the setup is meant to help users tap into stablecoins for everyday purchases rather than keeping them parked on-chain.
2. The partnership extends an existing relationship: Marqeta already issues crypto-backed cards for Coinbase. In this expanded version, Coinbase will handle custody of stablecoin balances and the conversion between digital assets and fiat, while Base, Coinbase’s blockchain, will provide the on-chain infrastructure for settlement.
3. Marqeta will provide card issuance and payment processing, and it will manage the bank and network relationships. That division of labor matters for program operators because it separates the crypto rails from the card stack, which is usually where the operational headache lives.
4. Businesses using the setup will be able to fund stablecoin-backed card programs 24/7, and cardholders will be able to spend from a stablecoin balance at millions of merchants that accept cards globally. In practice, this is a bridge from digital-asset balances to standard card acceptance.
5. Alec Lovett, Head of Infrastructure Products at Coinbase, said the collaboration will combine Coinbase’s stablecoin payment rails with Marqeta’s issuing and processing capabilities to deliver real-time global transactions. Anthony Peculic, Chief Strategy Officer at Marqeta, said expanding the relationship with Coinbase was a natural next step as the company builds the complete stack for stablecoin-backed cards.