Joseph Delong, former SushiSwap CTO and Ethereum developer, is building Colossus, a stablecoin credit card network aiming to bypass traditional banking rails and established card networks like Mastercard and Visa. Colossus is developing an Ethereum layer-2 scaling solution set to launch in March, valuing the company at $10 million after raising $500,000 in pre-seed funding. The network replaces traditional identity verification with users’ Ethereum addresses, intends to minimize customer data collection, and seeks regulatory compliance without routinely matching traditional know-your-customer (KYC) or money transmitter requirements. Colossus vertically integrates issuer, processor, and settlement functions, using cryptographic signatures for instant stablecoin payments, reducing fees. Acquirers still serve as key distribution points, converting stablecoin payments into wire transfers for merchants. Delong acknowledges challenges in changing entrenched settlement relationships and regulatory uncertainty but believes this method better aligns with cypherpunk ideals. Crypto-linked cards are an increasingly popular way for users, especially in regions with financial instability, to access digital assets, although most still rely on traditional networks. Delong’s aim is to allow people more direct, private, and sovereign control over their finances.