Coinbase Expands Stablecoin Business Through Marqeta Card Deal

• Coinbase is expanding beyond crypto trading, positioning its stablecoin infrastructure behind enterprise payment products.
• The Marqeta agreement connects digital assets to conventional card networks, combining Coinbase’s custody and conversion services with card processing.
• Base offers another potential revenue channel, although payment costs, compliance requirements and uncertain adoption could limit returns.

Coinbase is expanding its stablecoin payments business through a partnership with Marqeta, extending its infrastructure into enterprise card programs as the cryptocurrency exchange seeks additional revenue sources beyond trading.

Under the agreement announced October 16, Coinbase will provide digital-asset custody, stablecoin-to-fiat conversion and settlement capabilities through Base. Marqeta will supply card issuing and processing infrastructure, allowing businesses to develop payment cards backed by stablecoin balances.

The collaboration builds on the companies’ existing relationship, including the earlier Coinbase Card program. Its broader significance lies in Coinbase’s ambition to become a financial infrastructure provider for other businesses rather than relying exclusively on customers using its own exchange.

The October 16 announcement does not disclose expected transaction volumes, commercial terms or a timetable for enterprise launches.

Coinbase’s Revenue Model Is Moving Beyond Trading

Coinbase’s financial results illustrate why enterprise services have become increasingly important.

According to its second-quarter 2026 financial filing to SEC, transaction revenue reached approximately $599 million, while subscription and services revenue totaled $555 million.

The services category includes stablecoin-related income, custody and other activities. It should not be interpreted as revenue generated exclusively by payments.

COINBASE / Q2 2026 REVENUE Services Approach Trading Revenue

Reported quarterly revenue, rounded to the nearest million dollars.

Transaction revenue$599M Subscription & services$555M Subscription and services revenue equaled approximately 93% of transaction revenue. These are company-wide reporting categories, not stablecoin payment revenues. Source: Coinbase Q2 2026 Form 10-Q.

Trading fees fluctuate with cryptocurrency-market activity. Enterprise infrastructure offers Coinbase additional commercial relationships, although its service revenues are not necessarily recurring or independent of market conditions.

The Marqeta agreement creates potential business across three functions:

• Custody: Holding stablecoins used to support enterprise card balances.
• Conversion: Providing liquidity and infrastructure to exchange stablecoins for fiat funding.
• Settlement: Supporting blockchain transfers through Base, potentially generating network fees.

The companies have not specified how these services will be priced or whether they will produce separate revenue streams.

Base Could Generate Revenue Beyond Payment Services

Base provides another potential economic benefit from Coinbase’s payments expansion.

Coinbase earns sequencer fees from transactions processed on its Ethereum layer-2 network, as disclosed in its annual report.

If enterprise card programs use Base for stablecoin settlement, Coinbase could benefit from blockchain activity alongside its custody and conversion business.

However, card purchases do not necessarily correspond to individual blockchain transactions. Payment providers could aggregate transfers or reconcile balances internally before settling onchain.

Consequently, a card program processing one million purchases would not automatically generate one million Base transactions.

The financial contribution depends on settlement frequency, network fees and operating costs. Using Base may also simplify integration for businesses already relying on Coinbase infrastructure, but the agreement does not establish exclusive blockchain usage.

Coinbase’s Partner Network Extends Across Business Payments

Marqeta joins a wider network of financial companies connecting Coinbase’s stablecoin infrastructure to existing payment services.

Coinbase’s relationships with Citi, Yuno and PPRO address different business needs, from treasury funding to merchant checkout. Marqeta adds enterprise card issuance, allowing customers to spend stablecoin-backed balances through conventional card networks.

COINBASE / ENTERPRISE EXPANSION Four Partners, Four Payment Functions

Coinbase is connecting stablecoin infrastructure with existing financial and merchant services.

Citi Treasury and banking Fiat funding and stablecoin conversion for business payment operations.

FUNDING

Yuno Merchant checkout Stablecoin payments integrated into merchant payment orchestration.

CHECKOUT

PPRO Payment acceptance Stablecoin payment access through established merchant providers.

ACCEPTANCE

Marqeta Enterprise card issuing Custody, conversion and Base settlement for stablecoin-backed cards.

CARD SPEND

Business implication: Coinbase can distribute infrastructure through established financial platforms rather than building every customer-facing payment product.

The model could reduce customer-acquisition costs by giving Coinbase access to businesses already using these partners. It also leaves Coinbase dependent on those partners for product launches and transaction activity.

Enterprise Cards Offer 24/7 Funding but Retain Payment Costs

For corporate treasuries, the principal attraction is the ability to move stablecoin funds outside conventional banking hours.

Marqeta says the collaboration will allow businesses to fund participating card programs around the clock. That could help companies operating internationally or managing expenses during weekends and holidays.

However, continuous blockchain availability does not guarantee immediate card authorization or merchant settlement. Fiat conversion, compliance checks and banking arrangements can still introduce delays.

Businesses must also evaluate the costs and controls involved:

• Payment economics: Conversion spreads, foreign-exchange charges and card-processing fees may offset blockchain settlement savings.
• Accounting and tax: Stablecoin conversions require accurate records and may create taxable dispositions, depending on the jurisdiction and transaction structure.
• Operational reliability: Custody availability, fiat liquidity, authorization procedures and refunds remain essential to card payments.

The Internal Revenue Service generally treats digital assets as property for US federal tax purposes. Converting stablecoins into fiat can therefore have reporting implications, although not every card authorization necessarily represents a separate taxable event.

Stablecoin balances also do not automatically earn yield. Businesses seeking returns through additional arrangements must assess their separate financial and operational risks.

USDC Economics and Competition Could Shape Returns

Coinbase’s relationship with Circle provides another potential financial incentive for expanding stablecoin usage.

Under its commercial arrangements with the USDC issuer, Coinbase receives stablecoin-related revenue connected to reserve economics and distribution.

However, the Marqeta announcement does not identify which stablecoins will be supported.

If future enterprise programs include alternatives such as EURC or PYUSD, additional card spending would not necessarily increase Coinbase’s USDC-related income. Multi-stablecoin support could broaden the addressable market, but it has not been confirmed for this partnership.

Competition is another constraint. Marqeta has separately partnered with zerohash and BVNK, while Visa and Stripe-owned Bridge are developing stablecoin-linked card infrastructure.

Direct stablecoin acceptance also offers merchants an alternative to card-based payments, potentially reducing reliance on some intermediaries while introducing different technical and compliance requirements.

For Coinbase, the Marqeta agreement adds another distribution channel across custody, conversion and settlement. Its financial contribution will depend on enterprise adoption, actual payment activity and the economics of the services delivered.

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