Coinbase One Card not approved users may receive a secured deposit card; USDC deposit cannot be traded, withdrawn, lent, or transferred

Odaily reports: Coinbase stated on X that the Coinbase One Card requires eligibility and approval; users who are not approved may be offered a Coinbase One Card that requires a USDC security deposit. The USDC in the security deposit cannot be traded, withdrawn, lent, or transferred; if the account defaults or is closed for any reason, the deposit will be used to offset any outstanding balance, and once the account is closed with no amount owed, the USDC will be released. The Bitcoin cashback rate is based on the cardholder's assets on Coinbase, and not all transactions qualify as eligible purchases.