Coinbase aims to become a crypto super app replacing banks
Coinbase CEO Brian Armstrong has outlined his company’s boldest vision yet: transforming Coinbase into a full-service crypto “super app” that could one day replace traditional banks.
In an interview with Fox Business, Armstrong said the platform will expand beyond trading to offer payments, credit cards, and rewards — all powered by blockchain infrastructure. “Yes, we do want to become a super app and provide all types of financial services,” he said. “We want to become people’s primary financial account.” Armstrong sharply criticized traditional banking, noting that credit card swipe fees of 2–3% make little sense when transactions are “just bits of data” that should be close to free.
Plans include 4% Bitcoin rewards card
Among Coinbase’s future offerings is a credit card that returns 4% in Bitcoin rewards, Armstrong confirmed. He framed this as part of the company’s ambition to give users superior alternatives to traditional banking services. The move comes as the U.S. crypto sector gains regulatory clarity under measures like the GENIUS Act and pending Senate market structure legislation.
Armstrong argued that crypto is now beyond the regulatory gray area, saying the “freight train has left the station.” While Coinbase has partnered with banks including JPMorgan and PNC, he said legacy players continue to use “a different playbook” that hampers fair competition.
Coinbase leans on DeFi to boost USDC yields
To further its push into banking alternatives, Coinbase has integrated with decentralized lending protocol Morpho, allowing users to lend USDC directly from the app. The integration could deliver yields of up to 10.8%, positioning USDC as a high-yield alternative to traditional savings. The rollout, however, comes amid controversy, as yield-bearing stablecoins were banned under the GENIUS Act, sparking pushback from bank-backed lobby groups who view DeFi lending as a loophole.
Coinbase rejected this criticism, framing stablecoins and crypto-native lending as part of a modernized system that challenges outdated banking revenue models. Armstrong underscored that these moves are designed to make Coinbase the primary financial hub for the next generation of users.
Recently we wrote that Coinbase has strongly denied allegations that it was the anonymous source behind a recent Bloomberg report connecting Binance to USD1 — a new stablecoin project allegedly linked to U.S. President Donald Trump.
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