Coinbase and Cardless are pushing the Coinbase One Card beyond a conventional branded credit-card program with a secured version tied to USDC held on Coinbase.

CoinDesk reports that Cardless developed the product with Coinbase for stablecoin holders who may not qualify through traditional credit channels. The more concrete confirmation is in Cardless' legal documentation for the "Coinbase One Card with Security Deposit," which says cardholders grant the issuer a security interest in designated USDC on the Coinbase platform.

That structure is narrower than simply spending stablecoins at checkout. The agreement says the secured USDC backs obligations under the cardholder agreement, and that users cannot withdraw, transfer, lend, or trade the secured USDC until the account is closed and amounts owed are satisfied. It also says the account may be suspended or closed if the secured USDC is released or becomes unavailable before obligations are met.

Cardless' customer page describes the broader Coinbase One Card as a credit card for the crypto economy, built on the American Express network and managed inside the Coinbase app. Cardless provides the embedded credit-card infrastructure, while Coinbase controls the customer experience.

The notable part is the collateral model. Stablecoins are usually discussed as settlement rails or cash-equivalent balances; here, USDC is being used as a security deposit inside a regulated card program. That could make crypto balances useful for credit access without requiring the user to sell them first, though the legal terms also show the tradeoff: the pledged USDC is restricted while it secures the account.