Cryptocurrency debit card firm Baanx has partnered with Visa to launch stablecoin payment cards tied to self-custodial wallets. The initiative begins in the U.S. with Circle's USDC dollar-pegged token, according to a press release on Wednesday.
The Visa cards enable holders to spend USDC directly from their crypto wallets. Smart contracts move a stablecoin balance upon card authorization from the consumer to Baanx in real time. Baanx then converts the balance into fiat for payment.
Baanx's stablecoin-linked Visa cards promise a global reach with low-cost cross-border payments. Baanx is also working with Mastercard on a card linked to MetaMask wallets.