Coinbase CEO Plans to Replace Banks by Becoming a Crypto Super App

Highlights:

• Coinbase CEO announced plans to evolve into a full-service crypto super app.
• Armstrong said the goal is to replace banks by offering blockchain-based services.
• Coinbase will launch a credit card giving users 4% rewards in Bitcoin.

Coinbase CEO Brian Armstrong announced that the company will evolve into a full-service crypto app to replace traditional banks. In a Fox Business interview, he said the platform’s plan to expand beyond trading, including payments, credit cards, and rewards, all powered by blockchain technology.

Armstrong said, “Yes, we do want to become a super app and provide all types of financial services. We want to become people’s primary financial account and I think that crypto has a right to do that.” He pointed out problems in today’s banking, noting high transaction fees. He questioned why credit card swipes cost two to three percent, saying such digital transactions should be nearly free. He added that Coinbase aims to become people’s main financial account.

We're building a better set of financial services, so Coinbase can be your primary financial account. https://t.co/ciofIOIuKs

— Brian Armstrong (@brian_armstrong) September 19, 2025

Coinbase plans to offer a credit card with 4% Bitcoin rewards, Armstrong confirmed, presenting it as part of the company’s goal to provide better alternatives to traditional banking. The initiative comes as U.S. crypto gains clearer regulation through measures like the GENIUS Act and pending Senate market structure legislation.

Coinbase Expansion and Crypto Adoption

CEO Brian said that new rules, like the GENIUS Act and market structure legislation, are helping crypto grow and move out of the unclear regulatory area. He also pointed out that while old banks often limit competition, Coinbase works with banks like JPMorgan and PNC on a fair and equal basis. 

Armstrong is hopeful about a strong crypto ecosystem and more people using digital assets. He believes that Coinbase, being one of the first public crypto companies, helps the industry grow. He also mentioned that if the U.S. government holds Bitcoin or more ETFs become available, it could increase demand a lot.

Recently, Coinbase integrated the decentralized lending protocol Morpho to allow US users to lend USDC directly within its app. This integration bypasses third-party DeFi platforms, offering potential yields up to 10.8%. The move strengthens the app’s ability to provide interest-earning opportunities to customers.

The rollout of yield-bearing stablecoins has sparked debate, especially after the GENIUS Act prohibited some types of interest-generating stablecoins. Bank-backed groups, including the Bank Policy Institute, have urged regulators to close loopholes allowing yield via third-party DeFi integrations. Despite this, Coinbase remains focused on expanding services within the bounds of the law.

Coinbase CEO Confident in Market Clarity Bill’s Passage

Coinbase CEO showed firm optimism about a new market structure bill after talks with U.S. lawmakers. The Digital Asset Market Clarity Act seeks to set clear roles for the SEC, CFTC, and other regulators, especially on non-stablecoins and tokenized stocks. Armstrong said he feels more confident than ever about its passage, noting it is crucial to keep crypto in the U.S. and avoid the regulatory excesses seen under former SEC Chair Gary Gensler.

I was in DC the last few days working to get MARKET STRUCTURE legislation passed for crypto. This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your… pic.twitter.com/UqCH8jCNU8

— Brian Armstrong (@brian_armstrong) September 18, 2025