Are Payy cards FDIC insured?
Edited
FDIC insurance is only for bank accounts. With your Payy card, there's no insurance, because there’s no bank - this is self-custody, not a bank account.
You hold the funds in a self-custodied blockchain wallet, not a bank, so there's no bank risk.
When you spend, money is spent from your wallet in real-time.
The card works similarly to debit cards provided by crypto exchanges like Coinbase, but with greater security and privacy because it’s self-custodied.