[DigitalToday reporter Chi-gyu Hwang] Cardless, which has provided credit card services to Qatar Airways and Alibaba, has launched a stablecoin-collateral credit card with Coinbase.
According to a recent CoinDesk report, the product targets customers who hold digital assets on Coinbase. It works by pledging a portion of their USDC as collateral. Cardless co-founder Michael Spelfogel (마이클 스펠포겔) said, "People who are just starting to build a credit history or growing assets through cryptocurrency are mainly applying."
The card issuance fee is $49.99, and users can continue to receive interest on the USDC they pledge as collateral. Cardless did not disclose the amount of USDC held as collateral or the number of cards issued.
The product is the second collaboration after the two companies launched a Coinbase-branded card with American Express in September last year. The previous card offered up to 4 percent in bitcoin cashback based on card spending.
Chi-gyu Hwang
delight@d-today.co.kr