The cryptocurrency exchange Phemex has introduced the Phemex Card, a debit card that allows users to spend stablecoins directly from their trading accounts. The card automatically converts stablecoins into fiat currency at the moment of purchase, eliminating the need for pre-loading funds or transferring assets to a separate wallet.
The virtual card supports integration with Apple Pay and Google Pay. Users receive cashback in USDT on their spot accounts for all purchases. The standard cashback rate is 0.25%, while VIP users can earn up to 1%. There is no upper limit on the total cashback amount, and the program is intended for long-term use.
Phemex operates under a VASP license in Lithuania, ensuring compliance with regulatory standards within the European Economic Area. Users can apply for the card directly through their exchange accounts, integrating their spending, trading, and earning activities into a single ecosystem.
