Caixin: The issuance and use of U cards in the domestic market comes with an additional layer of special legal risks.
On December 25, Caixin published an article titled "The U Cards Crazy Investment Flow on Xiaohongshu: The Secrets and Deadly Risks of Its Popularity." The article points out that users can use bank cards with Visa branding to make payments for services such as ChatGPT Plus subscriptions, with the fees charged through USDT in cryptocurrency wallets. This type of foreign bank card is commonly referred to as a "U card," which is a foreign bank card based on USD stablecoins for payments. The Caixin article also notes that the issuance and use of U cards domestically come with an additional layer of special legal risks. Whether this is a fleeting transitional product or holds the key to the future payment landscape remains uncertain.
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