Card platform Marqeta (NASDAQ:MQ) and digital asset firm Coinbase (NASDAQ:COIN) are expanding an existing relationship to help enterprise customers issue stablecoin-backed cards.
Coinbase will custody the stablecoin and convert between digital assets and fiat. Coinbase will use Base as its blockchain.
Marqeta will handle card issuance, payment processing, and relationships with banks and networks.
Marqeta has previously helped Coinbase issue crypto-backed cards.
The arrangement means both crypto-native and TradFi can now benefit from stablecoins and card issuance.
Coinbase gains access to an extensive network to provide stablecoin-backed cards, creating a new use case for Coinbase’s rails beyond trading.