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    Coinbase Stock Is Down 5.8% What's Changed After Stablecoin Card Deal

    Simply Wall St·10/18/2026 08:34:43
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    • Marqeta announced a new collaboration with Coinbase Global in October 2026 to offer stablecoin-backed payment cards, using Coinbase for custody, fiat conversion, and Base blockchain settlement while Marqeta handles card issuance and processing for enterprise clients.
    • The deal pushes Coinbase deeper into everyday payments by tying its stablecoin and Base infrastructure directly to corporate card programs that run continuously and settle on-chain.
    • We will now examine how Coinbase Global's investment narrative could be affected by powering stablecoin-backed cards for Marqeta's enterprise clients.

    Compare Coinbase Global's push into stablecoin payments with a curated set of listed peers by scanning the 18 cryptocurrency and blockchain stocks that are already geared toward real-world blockchain usage and payment rails.

    Coinbase Global Investment Narrative Recap

    To own Coinbase Global, you need to believe the business can keep shifting from volatile spot trading toward more recurring, infrastructure style income. The Marqeta stablecoin card deal leans into that idea, since it uses Coinbase custody, stablecoin rails, and Base for settlement. That said, the main near term swing factor still looks like overall activity levels and fee mix on the platform.

    The biggest operational risk remains prolonged weak trading volumes on top of already reported drops in consumer and institutional activity, plus ongoing cybersecurity spend after the May incident. This Marqeta news does not change those pressures in a material way yet, so execution on diversification still matters most.

    The Evernorth decision to appoint Coinbase as one of the institutional execution partners for a US$473 million XRP treasury ties directly into the same thesis as the Marqeta collaboration. Large asset pools are starting to use Coinbase infrastructure for custody, routing and liquidity rather than just spot trading by retail users.

    For you as an investor, that kind of institutional mandate can act as a proof point that Coinbase infrastructure is being used for more complex, higher value workflows. It still comes with familiar risks, including counterparty expectations, regulatory oversight and technology reliability, but it adds another operational example alongside stablecoin backed cards of how non trading revenue lines could expand.

    Coinbase Global's current analyst storyline points to US$8.3b in revenue and US$1.6b in earnings by 2029. This outlook is built on an assumed 11.3% yearly increase in revenue and an earnings swing of roughly US$2.6b, from the reported loss of US$987.8m today to the projected profit pool in that forecast year.

    Uncover why Coinbase Global's fair value indicates a 21% potential upside to its current price, which could narrow quickly.

    NasdaqGS:COIN 1-Year Stock Price Chart
    NasdaqGS:COIN 1-Year Stock Price Chart

    Exploring Other Perspectives

    One alternate view says the real risk for Coinbase Global is that diversification never quite matches the hype. The most cautious analysts were pencilling in about US$7.1b of revenue and US$637.8m of earnings by 2029 before this Marqeta card announcement. That is a far more conservative story. Use it as a prompt to compare several narratives and decide which assumptions you find more realistic if this stablecoin card partnership leads analysts to revisit their models.

    Explore 8 other Coinbase Global fair value estimates, including one that suggests as much as 87% downside from the current price.

    Decide For Yourself

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    Looking For More Investment Ideas Beyond Coinbase Global?

    If this Coinbase Global story has sharpened your view on crypto infrastructure, it can help to compare it with other listed opportunities that fit very different risk and income profiles. The Simply Wall St Screener lets you filter for traits that match your own priorities rather than copying consensus.

    • If you want a shot at higher upside in smaller companies, scan a focused group of 14 elite penny stocks with strong financials that already pass basic financial strength checks.
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    • If capital preservation and smoother returns rank higher for you than excitement, narrow your watchlist using a collection of 32 resilient stocks with low risk scores that score well on Simply Wall St's risk indicators.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.