Marqeta Taps Coinbase and Base for Stablecoin-Backed Card…

Marqeta (NASDAQ: MQ) and Coinbase (NASDAQ: COIN) said on October 16 that they are expanding a partnership that began in 2020, adding stablecoin-funded card programs aimed at business clients. The arrangement combines blockchain-based funding with conventional card networks, allowing companies to top up card balances around the clock while cardholders spend at merchants that accept the relevant network.

Under the agreement, Coinbase will provide stablecoin custody and handle conversion between digital assets and fiat currencies, while its Base blockchain supports onchain settlement. Marqeta will manage card issuance, payment processing, banking relationships and connections to the card networks. Neither company disclosed commercial terms, which stablecoins will be supported, transaction fees or a launch date.

Split responsibilities

The structure separates digital asset management from traditional card processing: Coinbase holds stablecoin balances and converts them into fiat, and Marqeta routes the resulting payments into established merchant acceptance networks. Businesses would be able to fund card programs 24/7 instead of relying solely on transfers during banking hours. Base supplies the settlement layer, though the two firms have not explained how individual card transactions will be reconciled between onchain transfers and card network settlement — blockchain funding does not by itself remove network fees, chargebacks or banking requirements.

The relationship gives the new offering an operational starting point: Marqeta's infrastructure already supports Coinbase Card, which lets customers spend cryptocurrency through ordinary merchant payment systems. The new product targets Marqeta's enterprise customers, including crypto businesses and traditional financial services providers.

Marqeta's second-quarter results offer a benchmark for potential impact. The company processed $120 billion in payment volume, up 32% year over year, while net revenue rose 17% to $176 million and gross profit increased 17% to about $122 million. Its next earnings release is scheduled for November 3.

Coinbase has been building enterprise distribution for its stablecoin infrastructure, including a September expansion of its work with Citi linking corporate fiat accounts to stablecoin payments. Marqeta is pursuing similar ground independently through a September integration with BVNK, and Mastercard and BVNK unveiled a combined fiat and stablecoin platform on October 15. Visa's stablecoin settlement activity has reached a $20 billion annualized run rate, with more than 160 stablecoin-linked card programs in its fiscal second quarter.