Coinbase and Marqeta just expanded their long-standing partnership, giving enterprise clients a ready-made path to issue stablecoin-backed payment cards.
Coinbase supplies the custody layer and handles fiat conversion, while its Base network settles the on-chain side.
Marqeta takes care of card issuance, processing, and the bank and network relationships that let those cards work at millions of merchants worldwide.
How Does Coinbase Custody Power the New Stablecoin Cards?
Coinbase holds the stablecoin balances for the programs and manages the conversion into traditional currency at the moment of spend.
Base, Coinbase’s Ethereum layer-2 network, then settles the transaction quickly and at low cost.
Businesses can fund their card programs around the clock instead of waiting for banking hours, a practical advantage for treasury teams and global payout use cases.
This setup builds directly on the existing relationship in which Marqeta already issues the Coinbase Card for crypto spending.
What Role Does Marqeta Play in Making Coinbase Stablecoins Spendable?
Marqeta issues the physical or virtual cards and runs the full payment processing stack. It also maintains the relationships with issuing banks and card networks, so the stablecoin balances convert into everyday purchases without merchants changing anything on their end.
Enterprise customers—both crypto-native firms and traditional companies—can therefore offer cards that draw from stablecoin holdings while keeping their own brand front and centre.
Marqeta processed nearly $400 billion in volume across more than 40 countries in 2025, giving the partnership immediate scale.
Why Does This Link Matter for Enterprise Payments?
Many companies already hold stablecoins for speed and lower cross-border costs, yet turning those balances into everyday spending power still requires multiple vendors.
The combined stack removes that friction. Cardholders simply swipe or tap, and the backend—Coinbase custody plus Base settlement plus Marqeta processing—handles the rest.
Anthony Peculic, Marqeta’s chief strategy officer, noted that expanding the Coinbase relationship was a natural step as the company builds a complete stablecoin-card offering for its enterprise clients.
Going deep into the future, the arrangement positions both firms to capture growing demand for digital-asset-backed payments without forcing businesses to build infrastructure from scratch.
Launch timing for specific programs has not been detailed, yet the technical pieces are now in place.
