Baanx Launches USDC-Pegged Visa Debit Cards Targeting Self-Custodial Wallets

Cryptocurrency debit card firm Baanx has partnered with Visa to launch stablecoin payment cards tied to self-custodial wallets, starting in the U.S. with Circle's USDC

Cryptocurrency debit card firm Baanx has partnered with Visa to launch stablecoin payment cards tied to self-custodial wallets, starting in the U.S. with Circle's (NYSE: CRW) USDC dollar pegged token, the companies said Wednesday.

The Visa cards will enable holders to spend USDC directly from their crypto wallets, using smart contracts to move a stablecoin balance upon card authorization from the consumer to Baanx in real time, with Baanx converting the balance into fiat for payment, according to a press release.

Allowing people to manage their money on-chain with the help of major card networks is a fast growing segment within crypto. Baanx, a firm that specializes in crypto debit cards, is also working with Mastercard on a card link to MetaMask wallets.

The stablecoin payments is also heating up with Circle recently announcing its own payment network focused initially on cross-border payments and remittances.

Baanx's stablecoin-linked Visa cards promise a global reach with low-cost cross-border payments in the mix, according to the release.

"In many regions, access to stable currency is a luxury. We're giving people the ability to hold and spend USD-backed stablecoins seamlessly - in a self-custodial, real-time way - anywhere Visa is accepted. This is what the future of finance looks like," said Simon Jones, chief commercial officer at Baanx.

“We know the payments ecosystem is still in the early innings of stablecoin adoption, but real-world utility is coming to the forefront, and we’re excited for what’s next.” said Rubail Birwadker, head of growth products and partnerships at Visa.