Marqeta (NASDAQ: MQ), the card issuing platform, said on 16th October 2026 that crypto exchange Coinbase (NASDAQ: COIN) will power stablecoin-backed cards for Marqeta’s enterprise customers, holding the stablecoins and converting them to fiat.
The Brief
- Coinbase will hold stablecoin balances and handle their conversion to fiat for card programs that Marqeta issues and processes.
- Base, the Coinbase blockchain, will settle transactions onchain, and businesses will be able to fund their card programs 24/7.
- Marqeta processed nearly $400 billion in annual payments volume in 2025 and is certified to operate in more than 40 countries.
- The companies have not disclosed pricing or a rollout date, and they have not named the stablecoins the cards will support first.
The deal splits the work along lines each company already runs. Coinbase takes custody of the stablecoins and manages conversion between digital assets and fiat. Base handles settlement, which the companies pitch as quick and cheap. Marqeta keeps card issuance and payment processing, along with the bank and network relationships behind each program.
Cardholders will be able to spend from a stablecoin balance at millions of merchants that accept cards globally, according to the companies’ announcement. The product targets crypto-native firms and companies outside crypto alike. That second group matters most, since a retailer or fintech with no blockchain team could add stablecoin spending without running custody itself.
Stablecoins are about to get more spendable. @coinbase and @marqeta are teaming up to bring stablecoin-backed cards to businesses. https://t.co/r1KTikMjr3
— Coinbase Developer Platform🛡️ (@CoinbaseDev) October 16, 2026
The relationship now runs in reverse
The two companies have worked together for six years. Coinbase named Marqeta as the processor behind its U.S. debit card in October 2020. That card let customers spend crypto, including USDC, and earn crypto rewards. Marqeta still issues Coinbase’s crypto-backed cards today.
The new arrangement flips that dependency. Coinbase once leaned on Marqeta to put a card in its customers’ hands. Now Marqeta leans on Coinbase to hold and convert the assets behind cards for its own clients.
Anthony Peculic, Marqeta’s chief strategy officer, said “expanding our relationship with Coinbase was a natural next step.” He framed it as part of Marqeta’s push to assemble every piece a stablecoin card program needs.
Coinbase pitched the tie-up on speed. Alec Lovett, its head of infrastructure products, said the deal pairs Coinbase’s stablecoin payment rails with Marqeta’s issuing and processing tools. The aim, he added, is real-time global transactions for consumers and businesses.
Pricing and launch timing stay undisclosed
Marqeta described Coinbase as one member of a wider partner network for stablecoin-backed cards, so the integration does not appear to be exclusive. Several practical questions remain open.
Which stablecoins will the cards support at launch? What will businesses pay Coinbase and Marqeta per program? When will the first programs go live? Which markets come first?
The release answers none of them. Businesses already issuing cards through Marqeta have no fee schedule or launch window to plan around yet. The announcement also mentions no change for people who already carry a Coinbase Card.
The card Marqeta once processed for Coinbase let customers spend USDC at the register. Coinbase will now sit underneath cards that carry other companies’ brands, holding their stablecoins and settling the spending on its own chain.
