Coinbase and Cardless Launch Credit Card Backed by Stablecoins

Coinbase and Cardless are introducing a new credit card that allows holders of stablecoins to utilize their crypto as collateral when they are unable to qualify for traditional unsecured credit options.

The credit card targets users who can't secure approval for unsecured credit cards.

By Ian Allison|Edited by Sheldon Reback Jun 9, 2026, 8:04 a.m. 1 min read

Key Details:

• The new card from Cardless and Coinbase enables stablecoin holders to use their crypto assets as collateral.
• To access the card, applicants must reserve part of their USDC holdings on Coinbase while still earning interest on those assets, along with a fee of $49.99.
• This offering continues a partnership that began with a Coinbase-branded American Express card, which provides up to 4% bitcoin cashback, and aims to modernize traditional credit systems.

Cardless, known for creating credit cards for brands such as Qatar Airways and Alibaba, has partnered with Coinbase (COIN) to develop a payment card specifically designed for stablecoin holders who face challenges in obtaining credit through conventional means.

According to Cardless co-founder Michael Spelfogel, this stablecoin-secured card is intended for applicants who cannot secure a typical unsecured credit card but possess digital assets on the Coinbase platform. A portion of their stablecoin holdings will serve as collateral against the credit line.

Spelfogel commented, “People apply from all different parts of the credit spectrum. Some individuals prefer this method because they have faith in cryptocurrency but are just starting to build their wealth.”

Cardholders will pay a fee of $49.99 but can still earn yield on their set-aside USDC, noted Spelfogel.

This initiative builds on a collaboration that began in September when the two companies launched a Coinbase-branded card in partnership with American Express (AXP), offering up to 4% cashback in bitcoin BTC$63,271.85. Cardless did not disclose the number of cards issued to date.

Cardless has criticized traditional credit programs as outdated and inflexible, noting that they have missed out on significant opportunities because they lack the tools to create credit on their own terms.