Marqeta and Coinbase launch stablecoin-backed cards

At a glance

Marqeta, the card-issuing platform, said on Friday that it is expanding its relationship with Coinbase so its enterprise customers can issue cards that let users spend from stablecoin balances.
Coinbase will hold the stablecoins and convert them to fiat, Coinbase’s Base blockchain will handle settlement, and Marqeta will issue the cards, process payments and manage the bank and card-network relationships.

Marqeta announced the collaboration in a release dated Oakland, 16 October, saying it is aimed at both crypto-native and non-crypto businesses. Marqeta already issues Coinbase’s own crypto-backed cards; The Block noted that Coinbase named Marqeta as the processor for its US debit card in October 2020.

Under the arrangement, businesses can fund their card programmes 24 hours a day, seven days a week, and cardholders can spend a stablecoin balance at merchants that accept cards, the companies said. Marqeta describes itself as processing nearly $400 billion in annual payments volume in 2025 and being certified to operate in more than 40 countries.

“Coinbase is enabling businesses to move money with the speed and efficiency they require,” said Alec Lovett, head of infrastructure products at Coinbase. Anthony Peculic, Marqeta’s chief strategy officer, called the expansion “a natural next step” as Marqeta builds “the complete stack for stablecoin-backed cards.”

What it changes for users and merchants

Merchants see an ordinary card payment in fiat; the conversion from stablecoins happens upstream at Coinbase, so nothing changes at the till. For businesses running card programmes, the change is that funding no longer has to wait for bank wire windows. The release did not give fees, a launch date or which stablecoins will be supported first.

Context

The deal caps a busy week for stablecoin card and payout rails. On 15 October Visa said its Visa Direct stablecoin prefunding moved from pilot to commercial production, with processor Inyo Global the first to let clients prefund cross-border payouts with USDC in near real time. The same day CryptoWatchDesk reported on Mastercard and BVNK’s Global Money Platform, which listed Marqeta among its early users, and on Stripe and Plasma’s multi-currency cards. For background on the coins being spent, see what a dollar stablecoin is.

This article is for information only and is not investment advice.