Coinbase Flips the Script: Now Building Stablecoin Cards for Marqeta's Clients

Back in 2020, Marqeta was the one powering Coinbase's US debit card. Now the roles have reversed. Coinbase and Marqeta are expanding their partnership, with Coinbase set to provide stablecoin-based payment card services to other Marqeta clients.

In other words, Coinbase has gone from being a customer that simply bought card-issuing technology to becoming the party supplying underlying stablecoin payment capabilities—serving other businesses on Marqeta's platform. This role reversal is the most notable part of the expanded partnership.

The partnership started when Marqeta provided the technology behind Coinbase's US debit card launch in 2020. The new arrangement now extends that relationship by plugging stablecoin settlement capabilities into Marqeta's broader client ecosystem.

Publicly available information doesn't yet specify a launch timeline, which clients are involved, or the commercial terms—details that both companies have yet to disclose.