Coinbase and Marqeta Expand Partnership for Stablecoin Payment Cards

This is a quietly important rails story rather than a product story: the card is the visible layer, but the real substance is Coinbase supplying custody, conversion and Base settlement while Marqeta brings the issuing and processing licences. That division of labour is what lets stablecoin balances function as working capital for corporate treasuries without those firms touching crypto infrastructure directly. The undisclosed fees, stablecoins and launch date are the open questions, along with whether enterprise demand for round-the-clock settlement extends beyond crypto-native clients into Marqeta's traditional base.