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Visa U Cards Enable ChatGPT Plus Payments via USDT in China

Visa U Cards Enable ChatGPT Plus Payments via USDT in China

USDT-based U Cards, previously promoted on Chinese platforms for paying services like ChatGPT Plus, now face market exits and shutdowns among issuers amid rising legal risks.

USDT

Summary

USDT-based Visa U Cards, advertised on platforms such as Xiaohongshu for payments including ChatGPT Plus subscriptions, were reported to carry significant legal risks in mainland China. Caixin’s Dec. 25 coverage noted these cards settled via USDT from crypto wallets. Recent developments include Binance U Card leaving the European market and shutdowns by issuers OneKey and Infini, indicating industry-wide trouble and growing regulatory challenges for such payment methods.

Terms & Concepts
  • USDT: A stablecoin pegged to the U.S. dollar, commonly used for digital asset transactions.
  • Crypto Wallet: A digital tool that stores cryptocurrencies and allows users to send, receive, and manage their assets.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, often pegged to a fiat currency like the U.S. dollar.