Coinbase, Cardless Launch Credit Card Secured by Stablecoin Collateral

Coinbase is launching a credit card with Cardless that allows users to pledge stablecoins as collateral. The product is designed for consumers who may have difficulty qualifying for an unsecured credit card based solely on traditional credit assessments.

Cardless said June 9 that it had developed the payment card with Coinbase for stablecoin holders, according to CoinDesk.

The product targets users who struggle to win approval for a standard unsecured credit card. Applicants with digital assets on Coinbase can set aside part of their stablecoin holdings as collateral for the balance.

The collateral will be in USD Coin, or USDC. Users can lock up a portion of the USDC held in their Coinbase accounts and receive a card spending limit based on that amount.

"People apply from across a very broad credit spectrum," Cardless co-founder Michael Spelfogel said. He said some users believe in digital assets but are still in the early stages of building wealth, making the structure attractive to them.

Cardholders will pay a $49.99 fee. Users will continue to earn yield on the USDC pledged as collateral, Spelfogel added.

The launch expands an existing partnership between Coinbase and Cardless. In September 2025, the companies introduced a Coinbase-branded card linked to American Express that offered as much as 4% Bitcoin cashback.

Cardless said traditional credit-card programs have long operated in a rigid, bank-centered structure. Companies have lacked tools to build credit programs on their own terms, and the firm sees digital-asset-backed cards as a new way to broaden access to credit.

Stablecoins are increasingly being used as infrastructure linking payments, collateral and yield-bearing cash-like assets. Because the card is collateral-backed, user protections, collateral valuation and liquidation terms will be key to broader adoption.