Coinbase and Cardless jointly launch a stablecoin-backed credit card.

CoinFeed reported on June 9th that Cardless and Coinbase have jointly launched a stablecoin-backed credit card targeting users who cannot obtain a credit card through traditional channels but hold digital assets. Applicants must pledge a portion of their USDC holdings as collateral, continuing to earn returns on their pledged assets, and pay a $49.99 fee to obtain the card. Cardless co-founder Michael Spelfogel stated that applicants come from various credit score ranges, some believing in cryptocurrency but just starting to build wealth. This product continues the partnership between the two companies, whose previously launched Coinbase-branded American Express card offered up to 4% cashback on Bitcoin.