Stablecoins are expanding their scope of use beyond cryptocurrency trading instruments and into everyday payments. As card infrastructure grows that allows digital assets to be used for payments at general merchants without separately converting them to cash, the connection between existing financial networks and blockchains is also strengthening.

Marqeta Expands Six-Year Exchange Partnership

Marqeta, a global card issuing and payment processing platform, is expanding its six-year partnership with cryptocurrency exchanges. The plan is to support companies in operating payment cards based on customers' stablecoin balances. This partnership focuses not merely on a specific exchange's own card service, but on broadening the scope of infrastructure use to Marqeta's corporate customers. The structure allows not only cryptocurrency companies but also traditional financial institutions to build stablecoin-based card services.

Merchants Receive Payment in Local Currency... No Burden on Merchants

The payment process combines digital asset custody and conversion functions with card issuing and payment processing systems. When a user makes a card payment with their stablecoin balance, the merchant receives the payment in local currency through the existing card payment network. A key feature is that merchants do not need to hold cryptocurrencies directly or build separate blockchain payment systems.

Base, a blockchain network, supports fund movement and settlement within the payment infrastructure. The structure enables rapid funding of card programs without being constrained by banking hours.

However, key commercial terms — such as fees applied to card users, supported stablecoins, and launch schedules for each service — have not yet been disclosed in detail. Nor does this partnership mean new payment cards will be immediately provided to all users.

Mastercard and Visa Also Accelerating Stablecoin Payments

In the stablecoin payment market, cooperation between global card networks and blockchain-based financial services is also expanding. Mastercard is strengthening stablecoin-linked card payment and fund disbursement functions, and Marqeta is cited as one of the companies connecting related payment infrastructure. Visa is also supporting various card payment models utilizing stablecoins.

These moves show the possibility that the purpose of stablecoins may expand beyond asset movement within exchanges or cryptocurrency trading to the actual purchase of goods and services.

Fees and Regulation Are Key

Greater payment convenience does not automatically increase users' economic benefits. This is because the actual burden of use is determined by costs of converting stablecoins into local currency, card network fees, and currency exchange spreads. While card-operating companies can secure new revenue streams such as payment fees and exchange earnings, long-term profitability is difficult to determine when considering customer acquisition costs and regulatory compliance costs.

Regulation is also a major variable for market expansion. The Bank for International Settlements (BIS) has pointed out the potential impact of stablecoin proliferation on bank deposits and the existing financial system. As stablecoin-based payments become more widespread, verification of reserve asset soundness, redemption capacity, and consumer protection systems may become increasingly important.

USDC and Base Utilization as a Litmus Test for Commercialization

Going forward, the number of companies launching stablecoin payment cards, the countries where services are offered, and the types of digital assets supported are expected to be key areas of observation in the market. In particular, the extent to which the dollar-linked stablecoin USDC and the Base network are actually utilized in card programs is expected to serve as a gauge of the commercialization level of blockchain payment infrastructure.

This expanded partnership is significant in that it broadens the technical and business foundations for connecting stablecoins to existing card payment networks. However, the actual market impact is expected to vary depending on usage scale, cost competitiveness, and regulatory environments in each country after the service launches.

[Cryptocurrencies, including stablecoins, carry risks such as price volatility, issuer and reserve asset risks, redemption restrictions, and regulatory changes. The expansion of related businesses does not guarantee price increases or investment returns for any specific cryptocurrency. Investment decisions and the responsibility arising from them rest with the investor, and this article is not intended as investment advice. AI assistance was used in writing this article.]