Coinbase will power stablecoin-backed payment cards for Marqeta, handling custody and currency conversion.
DeFi & Yields ·
Coinbase and Marqeta have partnered to enable stablecoin-backed payment cards for Marqeta's customer base. Under the arrangement, Coinbase will provide custody services and handle currency conversion, while Marqeta retains responsibility for card issuance and payment processing infrastructure.
The partnership divides operational roles between the two firms: Coinbase's involvement centers on the crypto-native backend—securing stablecoin holdings and converting between digital and fiat currencies—while Marqeta manages the card product and transaction settlement. This structure allows Marqeta to integrate stablecoin functionality into its existing card platform without building out independent custody or conversion capabilities.
The scope of the rollout and specific stablecoins supported remain unclear from available reporting. Pricing terms, geographic availability, and whether the cards will be available to all Marqeta customers or a subset have not been detailed.