Coinbase and Cardless jointly launched a credit card backed by stablecoins

According to CoinDesk, Cardless and Coinbase have jointly launched a credit card backed by stablecoins, aimed at users who cannot obtain credit cards through traditional channels but hold digital assets. Applicants must use a portion of their USDC holdings as collateral, while still being able to earn yields on their staked assets, and pay a fee of $49.99 to gain access to the card.

Michael Spelfogel, co-founder of Cardless, stated that applicants come from different credit score ranges, with some believing in cryptocurrency but just starting to accumulate wealth. This product continues the previous collaboration between the two parties, with the previously launched Coinbase-branded American Express card offering up to 4% Bitcoin cashback.