Coinbase and card issuance platform Cardless have rolled out a credit card secured by stablecoins, allowing USDC holders who lack conventional credit qualifications to pledge crypto assets as collateral for a line of credit. According to CoinDesk, the product targets applicants who hold digital assets on the exchange but fall short of the criteria for unsecured credit cards, adding to Coinbase's growing suite of stablecoin-backed credit products over the past year.
Pledge USDC to Access Credit, Collateral Still Earns Yield
Michael Spelfogel, co-founder of Cardless, explained that applicants must lock a portion of their USDC holdings on Coinbase as collateral. Once activated, the pledged USDC continues to generate yield. The card charges an annual fee of $49.99. Spelfogel noted that users come from all parts of the credit spectrum, adding: "Some people want to use this method because they believe in cryptocurrency, but they are just beginning their journeys and accumulating wealth."
Stablecoin Market and Crypto Card Data Surge
Stablecoins have become one of the fastest-growing segments in crypto, with their combined market capitalization surpassing $317 billion, threading deeper into mainstream institutions and fintech. Payment cards anchor much of that utility. According to Dune Analytics, Visa-issued crypto cards recorded a 525% jump in net spend over 2025, rising from $14.6 million in January to $91.3 million by December.
Card Built on Base Network, Partnership Dates to September 2025
The partnership between Coinbase and Cardless began in September 2025, when they jointly launched a Coinbase-branded card with American Express offering up to 4% cash back in bitcoin. The new card integrates with Coinbase's consumer payment rails on its Base network, enabling merchants to accept and settle USDC transactions. Cardless declined to disclose the total number of Amex-linked cards issued.
Cardless frames the launch as part of a push to modernize what it considers slow and rigid credit programs, arguing that bank-centered systems have left billions on the table. Coinbase has also been expanding its stablecoin infrastructure—according to earlier reports, the company approached stablecoin startup BVNK with a roughly $2 billion acquisition offer to strengthen its settlement capabilities for institutions and fintechs.