Card issuing and payment processing platform Marqeta announced on October 16 that it was expanding its stablecoin-based card partnership with crypto exchange Coinbase. The plan is to extend their existing relationship, under which Marqeta has issued Coinbase's crypto-linked cards, to card services offered to customers by both crypto companies and businesses outside the crypto industry.
The goal is to let users spend from their stablecoin balances at existing card merchants. Coinbase plans to handle balance custody and conversion into fiat currency, while Marqeta will manage card issuance and payment processing as well as connections to banks and card networks.
Companies offering the cards are expected to be able to fund the accounts needed to operate their card programs around the clock. Coinbase's Base blockchain is planned to support settlement. No specific launch date was announced.