Lawyer: Why does the U-card business seem simple, but is full of pitfalls in practice?
U-card services seem straightforward on the surface. Users deposit USDT or USDC, the platform converts it to fiat currency, and then links it to a Visa or Mastercard card for online and offline spending. Customers’ first reaction is usually: isn’t this just a “cryptocurrency bank card”? But those who have actually worked with it know…