Marqeta and Coinbase team up for stablecoin-backed card payments
Marqeta and Coinbase Global to bring stablecoin-backed cards to both crypto-native and non-crypto firms, the companies said Friday.Using Coinbase's crypto infrastructure, Marqeta 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 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 will provide the card issuance and payment processing and manage the bank and network relationships.Marqeta stock slipped 0.6%, and Coinbase stock fell 1.7% in Friday premarket trading.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.