Marqeta, Coinbase Plan Cards Funded by Stablecoin Balances

Marqeta and Coinbase are extending their card relationship with a planned program that lets businesses fund payment cards from stablecoin balances for use at merchants worldwide that accept bank cards.

Coinbase would custody the stablecoin balances and manage conversion between digital assets and fiat currency. Base would provide on-chain settlement, while Marqeta would issue cards, process payments and manage relationships with banks and card networks.

Businesses could issue cards and add funds to their programs around the clock. Cardholders could spend from stablecoin balances at merchants worldwide that accept bank cards.

Marqeta already issues crypto asset payment cards for Coinbase. The planned expansion would bring cards funded by stablecoin balances to crypto-native and other businesses.