Marqeta and Coinbase Expand Stablecoin Card Tie-Up

Marqeta announced on 16 October 2026 a collaboration with Coinbase to bring stablecoin-backed cards to crypto-native and non-crypto firms. The deal expands an existing relationship: Marqeta already issues Coinbase’s crypto-backed cards.

The release does not name a launch date, pricing, or which stablecoins will back the cards. Do not invent USDC, USDT or any other ticker as the programme currency.

Who does what

Per Marqeta’s release:

Coinbase will handle custody of stablecoin balances, manage fiat conversion, and use Base (Coinbase’s blockchain) for fast, secure, low-cost on-chain settlement.
Marqeta will provide card issuance and payment processing, and manage bank and network relationships.

Together, the companies say businesses will be able to issue stablecoin-backed cards and fund their programmes 24/7, while cardholders spend from a stablecoin balance at millions of merchants that accept cards globally.

Alec Lovett, head of infrastructure products at Coinbase, said the collaboration combines Coinbase’s stablecoin payment rails with Marqeta’s issuing and processing. Anthony Peculic, Marqeta’s chief strategy officer, called expanding the Coinbase relationship “a natural next step” as Marqeta builds out a complete stack for stablecoin-backed cards.

Scale context from Marqeta’s About section

Marqeta says its platform processed nearly $400 billion in annual payments volume in 2025 and is certified to operate in more than 40 countries. That is Marqeta’s company description of its existing card business, not a volume claim for the new stablecoin-backed product.

Why it matters

Stablecoin-backed cards sit at the join between on-chain balances and everyday card acceptance. Custody and conversion at Coinbase, settlement on Base, and issuing/processing at Marqeta is a familiar split: crypto infrastructure for the asset side, a modern issuer/processor for the plastic (or virtual) credential.

Enterprise customers are the stated audience — both crypto-native firms and firms that are not. Funding programmes 24/7 is the operational pitch versus banking-hours fiat prefunding, though the release does not detail cut-off times, FX spreads or which corridors work on day one.

Related market moves

TSN has covered adjacent card and stablecoin rails, including Stripe and Plasma’s multi-currency stablecoin cards, Mastercard and BVNK’s global money platform, and Visa Direct USDC prefunding with Inyo. Those are separate products; today’s item is a Marqeta–Coinbase collaboration announcement, not a live merchant rollout date.

What’s still unknown

Which stablecoin(s) will collateralise the cards
When the first enterprise programmes go live
Fees, FX and redemption mechanics for cardholders
How Base settlement interacts with card-network settlement in fiat

What to watch

Named launch customers or a go-live date from Marqeta or Coinbase
Whether a specific stablecoin is disclosed in follow-on materials
Bank-sponsor and network certifications for the stablecoin-backed credential

What this means

Expanded Marqeta–Coinbase tie-up for enterprise stablecoin-backed cards.
Coinbase: custody, fiat conversion, Base settlement; Marqeta: issuing, processing, bank/network relationships.
No launch date, pricing or named stablecoin in the release.