Coinbase Partners with Marqeta for Stablecoin Cards, COIN Still Down 3%

Coinbase fell 3% on Friday, despite announcing a partnership with Marqeta to launch stablecoin-backed cards for global businesses.

What the Marqeta Partnership Covers

Marqeta announced Friday that it is expanding its existing partnership with Coinbase, allowing crypto-native and traditional businesses to issue stablecoin-backed cards.

The two companies will collaborate with a clear division of responsibilities:

Coinbase: Responsible for custody of stablecoin balances, managing conversions between digital assets and fiat currency, and providing settlement through its proprietary blockchain, Base

Marqeta: Responsible for card issuance, payment processing, and the banking and network relationships required to make the cards function at checkout

This setup enables businesses to fund card programs around the clock, while cardholders can spend directly from their stablecoin balances at any merchant worldwide that accepts standard cards.

Alec Lovett, Head of Coinbase Infrastructure Products, said the partnership combines Coinbase's stablecoin payment rails with Marqeta's issuance and processing capabilities to deliver real-time transactions for consumers and businesses.

Meanwhile, Marqeta Chief Strategy Officer Anthony Peculic said expanding the relationship with Coinbase was a natural next step as the company builds out its complete stablecoin card infrastructure.

Why COIN Is Still Falling

Coinbase shares have fallen below their 50-day and 100-day exponential moving averages, indicating that the stock's recent rally has lost momentum regardless of the partnership news.

The Relative Strength Index stands at 47.68, pointing to sellers retaining a slight edge.

Support sits in the $168 to $170 range, where the price has recently bounced off a descending trendline in that vicinity.

Recapturing the 20-day exponential moving average would strengthen any rebound attempt, while the 200-day exponential moving average represents the next major resistance zone above the current price level.