The card is designed for stablecoin holders unable to obtain cards via traditional channels, Cardless Co-founder Michael Spelfogel said in an interview with CoinDesk Tuesday (June 9).

Secured by Coinbase’s stablecoins, the cards are designed for times when a regular credit card can’t be approved on an unsecured basis, but the applicant holds digital assets on the Coinbase exchange. Some of their stablecoin holdings are used as collateral against the debt.

“People apply from all different parts of the credit spectrum,” Spelfogel said. “There are some people that want to use this method because they…