Coinbase and Marqeta expand partnership to power stablecoin-backed payment cards

On October 16, 2026, Coinbase and Marqeta announced an expanded partnership to allow enterprise clients to offer stablecoin-backed payment cards. Under the deal, Coinbase manages token custody, fiat conversion, and settlement on its Base blockchain, while Marqeta oversees card issuance and network processing. The service enables 24/7 funding for card programs, allowing customers to spend stablecoins seamlessly at millions of traditional card merchants.

Scope and terms of the agreement

• ▪Coinbase and Marqeta announced an expanded partnership on October 16, 2026 to enable enterprise customers to issue stablecoin-backed payment cards.
• ▪Coinbase and Marqeta did not disclose a launch date, fee structure, list of supported stablecoins, volume, or revenue figures for their enterprise card agreement.
• ▪The stablecoin card service announced on October 16, 2026 is available to both crypto-native companies and traditional non-crypto businesses.

Roles of each company

• ▪Coinbase will handle custody of stablecoin balances, manage conversion between digital tokens and fiat currency, and run on-chain settlement on its Base blockchain.
• ▪Marqeta will handle card issuance, payment processing, and relationships with financial institutions and card networks for the stablecoin card program.

Executive statements on the partnership

• ▪Alec Lovett, Coinbase's head of infrastructure products, stated that the Marqeta collaboration combines stablecoin payment rails with issuing and processing technology to deliver real-time global transactions.
• ▪Marqeta Chief Strategy Officer Anthony Peculic stated that expanding the relationship with Coinbase was a natural step as Marqeta builds out the full stack for stablecoin-backed cards.

How the card transactions function

• ▪Businesses participating in the Coinbase-Marqeta program can fund their card programs 24/7, bypassing traditional banking operating hours.
• ▪Merchants receiving payments from cardholders using stablecoin-backed cards receive traditional fiat transactions without needing crypto infrastructure.
• ▪Cardholders will be able to spend stablecoin balances at millions of merchants worldwide that accept traditional credit and debit cards.

Other recent Coinbase payment partnerships

• ▪Citi expanded its partnership with Coinbase on September 28, 2026 to allow corporate customers to accept stablecoin payments through Citi's merchant-processing services.
• ▪Coinbase partnered with payment infrastructure provider Moov on September 10, 2026 to connect Coinbase's Payments API and wallet technology to community banks and credit unions.

Previous 2020 consumer card partnership

• ▪Marqeta previously powered the launch of Coinbase's consumer crypto debit card in the United States in October 2020.
• ▪The October 2020 Coinbase debit card allowed individual users to spend cryptocurrencies, including USDC, and earn crypto rewards.

Marqeta scale and growth

• ▪Marqeta processed nearly $400 billion in payments volume in 2025 across more than 40 countries.
• ▪Marqeta experienced a surge in its average deal size in 2026.

Coinbase stablecoin growth strategy

• ▪Coinbase CEO Brian Armstrong stated in September 2026 that Coinbase is working with banks, fintechs, and other businesses to move payment activity into stablecoins.
• ▪Coinbase CEO Brian Armstrong told Bloomberg Television in September 2026 that stablecoin payments will be a key revenue and growth driver for the cryptocurrency exchange.

Marqeta corporate strategy

• ▪Marqeta CEO Mike Milotich noted during an August 2026 earnings call that Marqeta's strategy centers on making digital dollars spendable through existing card rails.
• ▪Marqeta CEO Mike Milotich stated during an August 2026 earnings call that Marqeta's strategy includes initiatives around embedded finance, multinational issuing, and commercial payments.