Marqeta & Coinbase expand stablecoin-backed card tie-up

Marqeta has expanded its partnership with Coinbase to offer stablecoin-backed card payments, building on the two companies' existing relationship.

Under the collaboration, Marqeta customers will be able to launch card programmes that let users spend stablecoin balances at merchants that accept card payments. The offering is aimed at both crypto-native businesses and companies outside the digital asset sector.

Coinbase will provide custody for stablecoin balances and manage conversion between digital assets and fiat currency. Settlement will run on Base, Coinbase's blockchain, while Marqeta will handle card issuing, payment processing, and related bank and network relationships.

The agreement builds on an existing link between the companies, with Marqeta already issuing crypto-backed cards for Coinbase. The expanded tie-up shifts the focus to stablecoin-funded cards, an area of the payments market that has drawn growing attention from financial technology groups seeking to connect digital assets with everyday consumer spending.

For businesses using the service, card programmes can be funded around the clock. For cardholders, the model is intended to let them turn stablecoin holdings into purchases through existing card acceptance networks rather than dedicated crypto payment channels.

Marqeta has recently made stablecoin partnerships a bigger part of its payments strategy. It pointed to earlier collaborations with BVNK and zerohash, adding to a network of partners intended to support card products linked to digital assets.

The latest move also shows how payments companies are trying to position themselves between conventional card infrastructure and the growth of tokenised money. Stablecoins are digital tokens typically linked to fiat currencies, and supporters argue they can reduce transfer times and lower transaction costs in some payment flows.

Even so, bringing stablecoins into mainstream card spending still depends on a series of intermediary functions that mirror traditional finance. Custody, asset conversion, settlement, issuing, processing, and bank relationships all remain necessary to turn blockchain-based balances into a payment method that can work at scale in existing merchant systems.

Coinbase said the partnership is intended to address those operational needs through a regulated interface and its own infrastructure. Marqeta is seeking to offer customers a broader payments platform spanning both fiat-based and digital asset-based products.

Marqeta processed nearly USD $400 billion in annual payments volume in 2025 and said it is certified to operate in more than 40 countries. That international footprint may matter for customers looking to issue payment cards across multiple markets while using a single provider for programme management and processing.

Coinbase has also been expanding beyond crypto trading into infrastructure for institutions, developers, and payment providers. Its services include custody, exchange liquidity, stablecoin infrastructure, and global settlement tools, reflecting a broader push to embed digital asset functions into financial products used by businesses and consumers.

Alec Lovett, Head of Infrastructure Products at Coinbase, outlined the company's view of the market.

"Coinbase is enabling businesses to move money with the speed and efficiency they require," Lovett said. "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."

Anthony Peculic, Chief Strategy Officer at Marqeta, said the expanded relationship was part of a broader build-out in stablecoin-linked card products.

"As we build out the complete stack for stablecoin-backed cards, expanding our relationship with Coinbase was a natural next step," Peculic said. "Coinbase brings scale and breadth of infrastructure to meet the needs of our enterprise customers. Together, we will expand what businesses can deliver through Marqeta's platform."