Marqeta and Coinbase collaborate on stablecoin-backed cards

PYMNTS reports that Marqeta and Coinbase announced the collaboration on October 16. Coinbase will handle custody of stablecoin balances and conversion between digital assets and fiat, while its Base blockchain will provide settlement infrastructure. Marqeta will handle card issuance, payment processing, and bank and network relationships. The companies say the cards will let users spend stablecoin balances at merchants that accept cards.