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Marqeta and Coinbase Take Stablecoin Spending Mainstream

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Marqeta and Coinbase Take Stablecoin Spending Mainstream

Marqeta’s enterprise customers can now offer stablecoin-backed cards powered by Coinbase, the companies said in a Friday (Oct. 16) press release.

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This offering is enabled by a new collaboration that integrates Marqeta’s card issuing platform with Coinbase’s infrastructure, according to the release.

Together, they will provide a payment card solution that enables users to use their stablecoin balances for every spending at merchants that accept cards, the release said.

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

Marqeta Chief Strategy Officer Anthony Peculic said in the release: “As we build out the complete stack for stablecoin-backed cards, expanding our relationship with Coinbase was a natural next step. Coinbase brings scale and breadth of infrastructure to provide for the needs of our enterprise customers.”

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Coinbase Head of Infrastructure Products Alec Lovett said in the release: “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.”

This collaboration expands an existing one in which Marqeta works with Coinbase to issue crypto-backed cards, according to the release.


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