Ethereum veteran Joseph Delong is building Colossus, a stablecoin credit card network designed to use account addresses as identity markers to create a sovereign payment channel, replacing traditional banking settlement methods. This startup completed a $500,000 seed round of funding, valuing the company at $10 million, and plans to launch its Ethereum layer 2 network in March. Colossus aims to bypass existing payment giants like Visa by vertically integrating functions of card issuing, payment processing, and settlement, and to enable instant stablecoin transfers using cryptographic signatures, thereby reducing transaction fees.