In a significant development for the cryptocurrency and payments landscape, Coinbase (COIN) has announced an expansion of its partnership with Marqeta to introduce stablecoin-backed cards for businesses. This initiative, revealed in a recent press release, aims to enhance the utility of stablecoins in everyday transactions.
The collaboration will see Coinbase taking charge of custody and currency conversion for the stablecoins, while Marqeta will handle card issuing and payment processing, leveraging its established banking and network relationships. The Base blockchain, developed by Coinbase, will provide the onchain settlement infrastructure, ensuring that transactions are fast, secure, and cost-effective.
Targeting Business Needs
Designed primarily for Marqeta’s enterprise clientele, this service caters to a diverse range of businesses, from crypto-native startups to traditional firms looking to integrate digital assets into their operations. The stablecoin-backed cards will enable businesses to fund their card programs around the clock, giving cardholders the flexibility to spend from their stablecoin balances at millions of merchants worldwide.
Alec Lovett, Head of Infrastructure Products at Coinbase, emphasized that this partnership aims to empower businesses with the speed and efficiency required for modern financial transactions. By combining Coinbase’s stablecoin payment infrastructure with Marqeta’s card issuing and processing capabilities, the goal is to facilitate real-time global transactions that meet the evolving needs of consumers and businesses alike.
Anthony Peculic, Chief Strategy Officer at Marqeta, described the expansion of their collaboration as a natural progression, highlighting Coinbase’s extensive scale and robust infrastructure as key factors in this venture.
Building on a Strong Foundation
This latest initiative marks a continuation of the longstanding relationship between the two companies. Marqeta previously served as the processor for Coinbase’s U.S. debit card, launched in October 2020, which allowed customers to spend cryptocurrencies, including USDC, while earning crypto rewards on their purchases.
With this new agreement, Marqeta plans to extend its offerings by delivering stablecoin-backed cards through a network of partners, responding to the increasing demand for digital-asset-backed payment solutions in the market.
While this announcement has generated excitement, some details remain unclear. The press release did not specify the fees associated with the new cards, the anticipated rollout date, or which stablecoins will be supported initially. However, it is worth noting that Marqeta processed nearly $400 billion in annual payment volume in 2025 and holds certifications to operate in over 40 countries, positioning it as a formidable player in the global payments sector.
As businesses increasingly explore the integration of stablecoins into their payment systems, the collaboration between Coinbase and Marqeta could signify a pivotal moment for the adoption of digital currencies in everyday transactions. The announcement was made on October 16, 2026, and further updates are eagerly awaited as the partnership unfolds.
