Marqeta and Coinbase team up for stablecoin-backed card payments
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Marqeta (MQ) and Coinbase Global (COIN) are working together to bring stablecoin-backed cards to both crypto-native and non-crypto firms, the companies said Friday.
Using Coinbase's (COIN) crypto infrastructure, Marqeta (MQ) will enable businesses to offer a payment card that allows users to turn their stablecoin balances into everyday card spend, Marqeta said. The announcement is part of Marqeta's commitment to deliver stablecoin-backed cards through an ecosystem of partners to meet accelerating demand for digital-asset-backed payments.
Coinbase (COIN) will handle custody of stablecoin balances and manage the conversion between digital assets and fiat, while Base, Coinbase's blockchain, will provide the on-chain infrastructure for fast, secure, low-cost settlement. Marqeta (MQ) will provide the card issuance and payment processing and manage the bank and network relationships.
Marqeta (MQ) stock slipped 0.6%, and Coinbase (COIN) stock fell 1.7% in Friday premarket trading.
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