Coinbase and credit card infrastructure firm Cardless launched a USDC-collateralized credit card on June 9. Coin Bureau reported the launch. The product is called the Coinbase One Card. It lets stablecoin holders access consumer credit without a traditional credit history.
Here’s the mechanic. Users designate a portion of their USDC holdings on Coinbase as collateral. That collateral backs their credit limit. It’s not a standard secured card. There’s no fiat deposit. And the sequestered USDC keeps earning yield. Users don’t sacrifice the productive value of their assets to get credit. The card carries a $49.99 access fee, confirmed by CoinDesk and the Cardless cardholder agreement.
Accessibility is central to the pitch. “People apply from all different parts of the credit spectrum,” Cardless co-founder Michael Spelfogel told CoinDesk. “There are some people that want to use this method because they believe in cryptocurrency, but they’re just beginning their journeys and accumulating wealth.”
This isn’t Coinbase and Cardless’s first product together. The two previously partnered on a Coinbase-branded American Express card. The One Card goes deeper. It’s a crypto-native lending mechanic, not just a rewards card. Coinbase One membership is required for access, per the Cardless cardholder agreement.
The timing matters. The GENIUS Act is moving through the U.S. Senate. It’s the first federal framework for payment stablecoins. It covers issuer requirements, reserve backing, and permissible use cases. Using USDC as credit collateral is different from using it as a payment instrument. Existing regulatory language may not cleanly cover it. An April 2026 Debevoise analysis flags that the Act restricts direct interest payments to stablecoin holders. Platform-level reward structures sit in a grayer zone under the proposed rules.
Coinbase has skin in this game. It shares reserve revenue with Circle, USDC’s primary issuer. More USDC utility means more revenue. Consumer credit is a major new surface area for that strategy. The GENIUS Act’s final language will likely determine how aggressively Coinbase can scale this product.
