OAKLAND, Calif., October 16, 2026 — Marqeta Inc. (NASDAQ: MQ) announced an expanded collaboration with Coinbase Global Inc. (NASDAQ: COIN) on Friday to develop stablecoin-backed payment card capabilities for enterprise customers, bringing together established card processing infrastructure and blockchain-based financial services. The agreement is designed to enable businesses to offer payment cards funded by stablecoin balances while allowing consumers and commercial users to complete purchases through conventional card acceptance networks. The initiative represents a further effort to make digital assets usable in everyday financial transactions without requiring merchants to adopt cryptocurrency-specific payment technology.

The collaboration combines two distinct components of financial infrastructure. Coinbase will provide custody services for stablecoin holdings, manage conversions between digital assets and traditional currencies, and support blockchain-based settlement through Base. Marqeta will handle the infrastructure required to issue cards, process transactions, and maintain relationships with financial institutions and payment networks. By dividing those responsibilities, the companies aim to make stablecoin-backed payment products available to businesses that may not possess the technical expertise or regulatory infrastructure needed to operate digital asset systems independently.

The companies are targeting both cryptocurrency-native businesses and traditional enterprises seeking additional payment capabilities. Potential applications include digital wallets, commercial expense management platforms, financial technology applications, and businesses that hold or receive stablecoin balances. The offering is intended to allow cardholders to access those balances through ordinary card transactions. Rather than asking merchants to accept tokens directly, the architecture connects stablecoin funding sources with established payment acceptance systems. This distinction is central to the product’s commercial proposition because it reduces the need for changes to merchant checkout technology.

According to Marqeta’s October 16 announcement, enterprise customers will be able to fund payment card programs continuously, including outside standard banking hours. The proposed capability could be relevant to businesses operating across multiple time zones, where conventional banking schedules and payment processing windows can complicate liquidity management. Stablecoin infrastructure may provide additional flexibility in moving funds between participating systems. However, the actual availability of funds for particular transactions will depend on the operational arrangements, conversion processes, banking partners, and settlement procedures established for individual card programs.

Base, the blockchain associated with Coinbase, will supply the on-chain settlement infrastructure for the collaboration. The network is intended to support the movement of digital assets with relatively low transaction costs and rapid processing. Its role is separate from the conventional card processing systems managed by Marqeta. Blockchain settlement can facilitate transfers of digital value between participating parties, while ordinary card purchases continue to involve authorization, processing, and financial settlement arrangements within existing payment networks. The announcement does not establish that every stage of a card transaction will settle directly on a blockchain.

Coinbase’s custody and conversion responsibilities are particularly important to the model. Stablecoin-backed cards require mechanisms that connect digital asset balances with payment obligations denominated in traditional currencies. Coinbase will manage the custody of relevant stablecoin holdings and facilitate conversion into fiat currency. That arrangement is intended to make the digital asset funding source compatible with ordinary card-based commerce. The companies have not disclosed the precise timing of conversions, the exchange-rate methodology, or the procedures that will apply when blockchain systems or liquidity services experience interruptions.

Marqeta will remain responsible for the card-issuing and processing functions that connect the product with established financial infrastructure. Its platform supports businesses seeking to embed payment capabilities into consumer applications and commercial financial services. For stablecoin-backed cards, that includes managing transaction processing and coordinating with issuing banks and payment networks. These activities are necessary because cards must operate within the rules governing conventional electronic payments, even when the underlying funding source involves digital assets. The partnership therefore combines blockchain-based value movement with the institutional relationships and transaction management systems already used in the card industry.

The announcement expands a relationship between Marqeta and Coinbase that dates to 2020, when Marqeta was selected to support the U.S. introduction of Coinbase Card. That earlier arrangement helped Coinbase customers use cryptocurrency holdings for purchases through a traditional payment card. The companies now intend to extend similar infrastructure capabilities to a broader range of enterprise customers. The change is significant because the proposed offering is not limited to a single consumer-facing card product operated by Coinbase. Instead, Marqeta’s business clients could potentially incorporate stablecoin-backed cards into their own branded financial services.

The companies described the expanded relationship as a combination of Coinbase’s institutional digital asset infrastructure and Marqeta’s established payment technology. Anthony Peculic, Marqeta’s chief strategy officer, said the expanded collaboration supports the company’s effort to build a more comprehensive infrastructure offering for stablecoin-backed cards. Alec Lovett, Coinbase’s head of infrastructure products, emphasized the potential benefits of combining stablecoin payment systems with enterprise card issuance and processing. Both executives positioned the agreement as an effort to help businesses move money more efficiently while maintaining access to conventional financial services.

For Marqeta, the arrangement broadens the range of funding and payment capabilities available through its issuing platform. The company has developed its business around providing programmable card technology to businesses that want greater control over payment credentials, authorization processes, and financial product design. Stablecoin-backed programs could represent an additional category of services for existing enterprise customers. The opportunity lies in allowing businesses to connect digital asset balances with payment functionality without developing all the necessary custody, conversion, and blockchain infrastructure internally.

Marqeta reported processing nearly $400 billion in annual payment volume during 2025 and said its platform is certified to operate in more than 40 countries. Those figures illustrate the scale of its broader payment processing operations, but they should not be interpreted as a forecast for the Coinbase collaboration. The company has not disclosed expected stablecoin-backed card transaction volumes or the contribution the new arrangement might make to revenue. The commercial significance will depend on the number of enterprise programs launched, their transaction activity, and the economics of processing payments through the combined infrastructure.

Coinbase could benefit by expanding the use of its digital asset services among businesses that do not primarily operate as cryptocurrency exchanges. The collaboration introduces its custody, conversion, and blockchain infrastructure into payment products distributed through Marqeta’s enterprise network. This creates a potential distribution channel for Coinbase’s financial infrastructure capabilities beyond its direct customer relationships. The business opportunity is distinct from conventional cryptocurrency trading because it focuses on services that enable businesses to hold, transfer, convert, and spend digital assets within ordinary commercial workflows.

Stablecoins occupy a distinctive position within digital payments because they are generally designed to maintain a stable value relative to a reference asset, commonly the U.S. dollar. Their structure makes them potentially more practical for payment applications than cryptocurrencies whose market prices can fluctuate substantially over short periods. Nevertheless, stablecoins are not free of risk. Their reliability depends on the issuer, reserve arrangements, redemption mechanisms, market liquidity, and applicable regulatory safeguards. These considerations remain important when stablecoin balances are used to fund cards that consumers and businesses expect to operate consistently.

One potential benefit for enterprise customers is greater flexibility in managing funds across operating environments. Traditional card programs can require businesses to establish funding arrangements through financial institutions, sometimes involving prefunded accounts, scheduled transfers, or other liquidity requirements. Digital asset infrastructure may provide an additional mechanism for moving value into designated payment programs. In principle, that could support faster replenishment of funding balances. However, the actual effect on working capital will depend on conversion costs, settlement arrangements, program requirements, and the availability of participating banking services.

The companies’ emphasis on around-the-clock card program funding also reflects a difference between blockchain networks and many conventional banking systems. Blockchain-based transfer infrastructure can operate continuously, while some traditional financial processes remain dependent on banking schedules, clearing arrangements, or institutional operating hours. Combining the two approaches could make certain funding operations more responsive to business needs. It does not eliminate all timing constraints, however. Card authorization, transaction clearing, issuer obligations, and the movement of fiat currency may still be subject to separate processing requirements.

Merchant acceptance is another central component of the strategy. Stablecoin payments that require merchants to establish digital wallets, manage private keys, or integrate new blockchain applications can face substantial adoption barriers. A stablecoin-backed card instead enables the cardholder to access a digital asset balance through an existing payment credential. The merchant can continue using familiar card acceptance systems. This model preserves much of the established checkout experience while moving part of the funding infrastructure into digital asset systems. Its commercial appeal depends on making those underlying processes reliable and largely invisible to the merchant.

Payments industry publication Digital Transactions reported on October 16 that the arrangement is designed to make stablecoin spending easier through established card interfaces. Industry observers cited in its coverage pointed to the importance of simplifying the customer experience and maintaining merchant acceptance. The broader challenge involves delivering practical advantages that justify introducing a new funding system behind familiar payment instruments. Businesses considering adoption will need to assess whether stablecoin-backed cards provide measurable improvements over existing debit, prepaid, or commercial card programs.

The partnership arrives as Marqeta has been broadening its stablecoin infrastructure relationships. In July, the company announced a collaboration with zerohash to enable stablecoin spending through payment cards. In September, it disclosed another agreement with BVNK focused on bringing stablecoin capabilities into financial products and card programs. The Coinbase announcement adds another infrastructure provider to that strategy. Rather than relying on a single digital asset partner, Marqeta is developing an ecosystem of services that could give enterprise customers different integration options depending on their operational requirements.

Those relationships also underscore the increasingly interconnected structure of digital asset payments. Card technology providers, stablecoin infrastructure companies, digital asset custodians, banking institutions, and payment networks each perform different functions. Successful products require these components to operate together under clear commercial and compliance arrangements. Marqeta’s approach is to supply the card-processing layer while connecting clients with partners that specialize in digital asset services. Coinbase’s role in the latest collaboration is focused on stablecoin custody, conversion, and blockchain settlement infrastructure.

Regulatory and operational requirements will remain important considerations as the collaboration moves toward commercial deployment. Payment card programs are subject to obligations involving customer identification, anti-money-laundering controls, sanctions compliance, transaction monitoring, and consumer or commercial protections where applicable. Digital asset services can introduce additional requirements related to custody, transfers, redemption, and financial recordkeeping. The precise allocation of those obligations will depend on the program structure and participating entities. The announcement did not provide a detailed compliance framework for individual markets or identify the issuing banks that will support future enterprise programs.

Cross-border implementation may introduce further complexity. Although stablecoins can move across blockchain networks without relying on the same infrastructure as traditional international bank transfers, providing a usable card product in multiple jurisdictions requires coordination with local financial institutions, payment networks, and regulators. Differences in digital asset regulations, currency conversion rules, customer protection standards, and licensing requirements could affect availability. The companies have not announced a country-by-country deployment schedule. Consequently, the statement that cardholders could spend at millions of accepting merchants globally should not be interpreted as confirmation that every potential customer will immediately have access to the product in every market.

Security and reliability will also influence enterprise purchasing decisions. A stablecoin-backed card infrastructure must protect digital asset balances while supporting the authorization and processing performance that businesses expect from established card networks. Potential operational challenges include digital asset custody incidents, conversion-service interruptions, blockchain congestion, fraud, and disputes arising from card transactions. Enterprises will need to understand how those risks are monitored and managed, particularly when different organizations are responsible for separate elements of the transaction lifecycle. The companies have not disclosed detailed service-level commitments or specific contingency arrangements for the new offering.

Another unresolved question concerns pricing. The October 16 announcement did not specify transaction fees, custody charges, currency conversion spreads, blockchain-related expenses, or commercial revenue-sharing terms between Marqeta and Coinbase. These details will be important in determining whether stablecoin-backed cards offer a financial advantage over existing payment products. Lower blockchain transfer costs do not automatically translate into lower total transaction expenses because card network fees, banking services, foreign exchange conversion, and other operating costs may still apply. Enterprises will need to evaluate the complete cost structure rather than focusing on blockchain settlement charges alone.

The companies also did not identify initial enterprise adopters, disclose the stablecoins expected to be supported at launch, or establish a public rollout date. USDC has been associated with Coinbase’s existing payment products, but the announcement does not confirm that any specific stablecoin will be included in the new enterprise offering. Similarly, although the companies described the architecture and intended benefits, they did not provide production transaction figures for the expanded collaboration. These omissions mean the announcement should be understood as a statement of planned capabilities rather than evidence of a completed large-scale commercial deployment.

For financial technology businesses, the proposed offering could reduce the number of specialized integrations required to introduce stablecoin-backed cards. A company seeking to build such a product would ordinarily need access to digital asset custody, conversion services, card issuance, processing, and financial institution relationships. Combining those capabilities through established providers may make development more manageable. The degree of integration available through Marqeta’s platform, however, will need to be assessed when the companies disclose technical specifications, implementation procedures, and operating requirements for participating customers.

The partnership also illustrates how digital asset infrastructure providers are seeking commercial applications in which blockchain functionality operates behind familiar financial interfaces. Stablecoin adoption does not necessarily require consumers to interact directly with blockchain networks. Instead, payment products can use digital assets as a funding or settlement mechanism while preserving conventional applications, cards, and merchant acceptance processes. That model may appeal to businesses interested in the operational characteristics of stablecoins without requiring customers to manage cryptocurrency transactions themselves.

For investors, the collaboration introduces another potential development channel for both companies, but its immediate financial impact remains difficult to quantify. Marqeta could benefit from additional payment programs and processing activity if enterprise customers adopt the new capabilities. Coinbase could generate demand for custody, conversion, and infrastructure services as those programs expand. Neither company has disclosed expected revenue, transaction growth, investment requirements, or profit margins associated with the partnership. Any assessment of its earnings contribution would therefore require assumptions not established by the October 16 announcement.

Commercial progress will ultimately be measured through the launch of functioning enterprise programs, customer adoption, transaction volumes, and the quality of the resulting payment experience. Important indicators will include the availability of stablecoin funding, the reliability of fiat conversion, the performance of card authorization and processing systems, and the costs businesses incur to operate the programs. Additional disclosures about supported assets, deployment regions, financial institution partners, and product pricing will help determine how quickly the offering can move beyond its initial announcement.

Marqeta and Coinbase are positioning their expanded partnership around a practical use case for stablecoins: allowing digital asset balances to support spending through the same card infrastructure already familiar to merchants and consumers. The agreement brings together Coinbase’s custody, conversion, and Base settlement capabilities with Marqeta’s enterprise issuing and processing technology. Its significance lies in the potential to integrate blockchain-based financial services into routine commercial payment activity. Whether that potential translates into substantial transaction volume will depend on execution, regulatory compatibility, competitive pricing, and sustained demand from enterprise customers.