What happened: Coinbase is teaming up with Cardless to launch the 'Coinbase One Card,' a credit card running on the American Express network. Instead of relying solely on traditional credit checks, users can pledge their USDC stablecoins as collateral to establish their credit limit. The card carries a $49.99 annual fee and offers a rewards structure where high-tier members can earn up to 4% back in Bitcoin on their purchases.
Why it matters: This move bridges the gap between crypto holdings and everyday spending. By allowing users to borrow against their assets rather than selling them, Coinbase is testing a model where crypto functions like traditional securities-backed lending, potentially making digital assets a mainstream tool for credit and liquidity.
