Coinbase and Cardless Launch Stablecoin-Backed Credit Card
- Cardless, in partnership with Coinbase, introduced a credit card for stablecoin holders unable to secure traditional credit.
- The card requires a fee of $49.99 and allows users to earn yield on their USDC holdings used as collateral.
- This product targets individuals across different credit spectrums, particularly those new to cryptocurrency.
- The initiative builds on a September partnership that launched a Coinbase-branded card offering up to 4% cashback in bitcoin.
- Cardless has not disclosed the number of cards issued under this program.
This new offering aims to provide access to credit for those who hold digital assets but may struggle with traditional banking systems, which often overlook potential customers. The use of stablecoins as collateral represents an innovative approach to credit assessment.
With this launch, Cardless and Coinbase are expanding financial opportunities for stablecoin holders, allowing them to leverage their digital assets while earning yields on their investments.(Source)
