Marqeta and Coinbase Expand Partnership to Bring Stablecoin Spending to Enterprise Clients
Card issuing platform Marqeta has teamed up with cryptocurrency exchange Coinbase to allow enterprise clients to offer payment cards backed by stablecoins. The initiative aims to make digital currencies easily usable for everyday consumer transactions.
Integration of Payment and Blockchain Infrastructure
The collaboration connects Marqeta’s card issuance capabilities directly with the infrastructure provided by Coinbase. Under this system, users can spend digital dollar balances at standard merchants that currently accept traditional payment cards.
Division of responsibilities within the project ensures specialized management:
- Coinbase maintains custody of the stablecoin balances and oversees the conversion process between digital assets and fiat currency.
- Coinbase utilizes its Base blockchain network to supply the on-chain infrastructure required for transaction settlement.
- Marqeta manages the card issuance process, transaction handling, and relationships with banks and major card networks.
Strategic Alignment for Digital Dollars
Anthony Peculic, chief strategy officer at Marqeta, noted that the expanded relationship builds a comprehensive stack for stablecoin-backed cards to serve enterprise clients at scale. Alec Lovett, head of infrastructure products at Coinbase, added that the partnership combines stablecoin rails with processing tools to support global transactions.
This new project grows out of an existing working relationship between the two companies. During an August earnings call, Marqeta CEO Mike Milotich outlined plans to make digital dollars spendable through established card networks. Meanwhile, Coinbase leadership has identified stablecoin payment volume as a major upcoming growth sector and revenue driver for the exchange.
