Kulipa Stablecoin Card Issuer Shuts Down Amid Solvency Issues

Kulipa, a Paris-based stablecoin card issuer, has ceased operations just four months after announcing a $6.2 million seed funding round.

The company's sudden shutdown leaves about 20 crypto wallets and companies without functional U payment cards issued through its platform.

This includes users of Solflare and Ready, which operated under self-custody models, meaning user funds were debited only when a card transaction was made. Kulipa did not hold their customer balances, so those users' crypto assets were not affected by the shutdown.

Solflare had previously announced that its card-issuing partner, Kulipa, was winding down due to solvency issues.