Coinbase (COIN) and Cardless unveil credit card backed by stablecoins
Summary
Cardless and Coinbase have introduced a stablecoin-secured payment card for users who cannot qualify for a traditional unsecured credit card. The product lets approved applicants use digital assets held on Coinbase as collateral, with some stablecoin holdings set aside against the debt. It is aimed at a broad range of credit profiles, including newer crypto users building wealth. Cardholders pay a $49.99 fee and still earn yield on the USDC used as collateral. This follows an earlier Coinbase-branded card launched with American Express that offered up to 4% cashback in bitcoin. Cardless says traditional credit systems are slow and rigid, and that new tools can expand access to customized credit products.
