Coinbase and Marqeta Launch Stablecoin-Backed Cards for Enterprises

Expanded Partnership for Enterprise Customers

Coinbase and Marqeta are expanding their partnership to power stablecoin-backed payment cards for enterprise customers.

What's the Pitch?

A business holds stablecoins, its cardholders swipe at a regular merchant, and the shop never has to know crypto was involved.

How it Works

Coinbase takes custody of the stablecoin balances.

It will also handle conversion into fiat currency and run on-chain settlement through Base, its own blockchain.

Marqeta covers the traditional card side.

It will issue the cards and process payments.

It will also manage the relationships with financial institutions and card networks.

Result for Cardholders

Spending power at any merchant that accepts traditional cards.

The stablecoin account sits behind the card, and the checkout counter sees a normal transaction.

Advertisement

Expanded Relationship

This is not the first time these two companies have worked together.

Marqeta powered the original launch of Coinbase's crypto spending card back in 2020-2021.

That earlier product let individual Coinbase users spend their crypto holdings.

Serious Scale

Marqeta brings serious scale to the table.

The company processed nearly $400 billion in payments volume in 2025.

It operates in over 40 countries.

Timing

The timing also lines up with momentum on Marqeta's side.

The company's average deal size surged in 2026, which points to enterprises asking for more flexible payment setups.

Targeting Two Audiences

Marqeta is targeting two very different audiences with this expansion.

One is crypto-native companies that already hold digital assets.

The other is traditional firms that want to fold those assets into their everyday fiat payment operations.

For Coinbase, the deal deepens Base's role as real payment infrastructure.

Settlement activity from enterprise card programs could give its blockchain a steady, practical use case beyond trading.

For Marqeta, the expansion is a bid to grow its presence in the stablecoin market.

Risks and Regulatory Treatment

Stablecoin payments depend on custody, conversion, and settlement all working smoothly at once.

A weak link in that chain affects the cardholder experience directly, and enterprise customers tend to have little patience for payment hiccups.

Regulatory Treatment of Stablecoins

Regulatory treatment of stablecoins varies across countries.

Operating in over 40 markets means navigating a patchwork of rules for a product that mixes crypto and traditional finance.

Conclusion

The expanded partnership between Coinbase and Marqeta is a significant development for the stablecoin industry.

It enables businesses to deliver real-time global transactions and expand the use cases for stablecoins.