Marqeta Collaborates With Coinbase To Bring Stablecoin-Backed Cards To Both Crypto-Native And Non-Crypto Firms

• The collaboration will expand Marqeta’s relationship with Coinbase, integrating with Coinbase’s stablecoin infrastructure so Marqeta customers can offer stablecoin-backed cards that allow users to turn stablecoin holdings into everyday spending power.
• Coinbase will power stablecoin-backed cards for Marqeta’s enterprise customers, providing custody, fiat conversion, and fast, low-cost settlement on Base, Coinbase’s blockchain.
• Through this collaboration, Marqeta will strengthen its ability to provide its customers a single platform for delivering end-to-end payment offerings that unlock meaningful value across both fiat and digital asset markets.

Marqeta, Inc. (NASDAQ:MQ), the modern card issuing platform, today announced a collaboration with Coinbase, the leading regulated cryptocurrency exchange, to bring stablecoin-backed cards to both crypto-native and non-crypto firms. Leveraging Coinbase’s crypto infrastructure, Marqeta will enable businesses to offer a payment card solution that allows users to tap into the benefits of stablecoins by turning their stablecoin balances into everyday card spend. The announcement reflects Marqeta’s commitment to delivering stablecoin-backed cards through an ecosystem of partners to meet the accelerating demand for digital-asset-backed payments.

The collaboration will expand Marqeta’s relationship with Coinbase, for whom Marqeta already issues crypto-backed cards. The expanded relationship will bring together capabilities suited to the stablecoin-backed card needs of Marqeta’s enterprise customers. Coinbase will handle custody of stablecoin balances and manage the conversion between digital assets and fiat, while Base, Coinbase’s blockchain, will provide the on-chain infrastructure for fast, secure, low-cost settlement. Marqeta will provide the card issuance and payment processing, and manage the bank and network relationships. Through the collaboration, businesses will be able to issue stablecoin-backed cards and fund their programs 24/7, while cardholders will be able to spend from a stablecoin balance at millions of merchants that accept cards globally. Together, the companies make it easier for businesses to turn stablecoin balances into everyday spending.