Marqeta has expanded its relationship with Coinbase to let enterprise customers issue stablecoin-backed payment cards.

US-based card issuing platform Marqeta is integrating with Coinbase’s stablecoin infrastructure so that its business customers can offer cards that convert stablecoin balances into everyday spending. The offering is aimed at both crypto-native companies and firms operating outside the digital asset sector. It builds on an existing arrangement under which Marqeta already issues crypto-backed cards for Coinbase.

How the roles are divided

The arrangement splits the card stack between the two companies. Coinbase will hold stablecoin balances in custody and manage conversion between digital assets and fiat currency….