Coinbase and Marqeta Expand Partnership to Offer Stablecoin Payment Card Services for Enterprises

BlockBeats news, October 17 - Payment technology company Marqeta will expand its partnership with Coinbase to allow businesses to launch payment cards backed by customer stablecoin assets. Coinbase will handle stablecoin custody and conversion between digital currencies and fiat, while Marqeta will manage card issuance and payment processing. Coinbase's Base blockchain will provide on-chain settlement infrastructure.

The service is aimed at Marqeta's enterprise clients, covering both the crypto industry and traditional businesses. Cardholders can spend stablecoins at millions of merchants worldwide that accept bank card payments, and businesses can fund payment card programs 24/7. The two parties had previously collaborated on Coinbase's own bank card business.

Currently, the two parties have not yet announced specific fees, official launch time, or the first batch of supported stablecoin types.