Marqeta, Inc. (NASDAQ: MQ) and Coinbase (NASDAQ: COIN) announced a collaboration to enable stablecoin-backed payment cards for both crypto-native and non-crypto businesses, according to a press release from Marqeta.

Under the arrangement, Coinbase will handle custody of stablecoin balances and manage conversion between digital assets and fiat currency. Coinbase's blockchain, Base, will provide on-chain infrastructure for settlement. Marqeta will manage card issuance, payment processing, and bank and network relationships.

The collaboration expands an existing relationship between the two companies. Marqeta already issues crypto-backed cards for Coinbase. The new agreement extends that relationship to serve Marqeta's enterprise customers seeking stablecoin-backed card programs.

Businesses using the platform will be able to fund card programs around the clock, while cardholders will be able to spend from stablecoin balances at merchants globally that accept card payments.

"Our collaboration with Marqeta will combine our stablecoin payment rails with their powerful issuing and processing capabilities to deliver real-time global transactions that meet the needs of modern consumers and businesses," said Alec Lovett, Head of Infrastructure Products at Coinbase.

Anthony Peculic, Chief Strategy Officer at Marqeta, said: "Coinbase brings scale and breadth of infrastructure to provide for the needs of our enterprise customers. Together, we will expand what businesses can deliver through Marqeta's issuing and processing platform."

Marqeta reported processing nearly $400 billion in annual payments volume in 2025 and said it is certified to operate in more than 40 countries.