Using stablecoins as collateral to apply for a credit card, with a $49 annual fee and still earning yields—this product design is quite interesting—users traditionally shut out of finance finally have an entry point.

CryptoWorld News reports that Coinbase (COIN) and Cardless have jointly launched a stablecoin-backed credit card designed for stablecoin holders who are unable to obtain credit cards through traditional channels. Cardless co-founder Michael Spelfogel said the product applies to situations where users cannot obtain standard credit cards in an unsecured manner, but applicants hold digital assets on exchanges, with some stablecoins used as debt collateral. Cardholders must pay a $49.99 fee, and can still earn yield on their segregated USDC holdings. The product is built on the Coinbase-branded card that the two companies launched last September in partnership with American Express (AXP), which offers up to 4% Bitcoin Cash cashback. Cardless did not disclose how many cards have been issued.