Why We Should Replace Banks with Super Apps for Better Financial Freedom

Brian Armstrong, CEO of Coinbase, envisions transforming his platform into a comprehensive crypto “super app,” aiming to replace traditional banking services. During a recent interview with Fox Business, Armstrong outlined plans for Coinbase to develop a full suite of financial tools, including payments, credit cards, and rewards—all powered by blockchain technology.

“Yes, we want to become a super app that offers diverse financial services,” Armstrong stated. “Our goal is to establish Coinbase as users’ primary financial account, and I believe crypto is uniquely positioned to enable that transition.”

He criticized the existing banking system for its inefficiencies and high transaction fees. “It’s astonishing that we’re paying two to three percent every time we use our credit cards,” Armstrong remarked. “It’s just data moving over the internet—fees like these should be significantly lower, or nearly free.”

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Coinbase Develops Bitcoin Rewards Card Featuring 4% Crypto Cashback

Looking ahead, Coinbase aims to introduce a credit card with up to 4% Bitcoin rewards. Armstrong emphasized that the long-term vision is for Coinbase to act as a full-service bank replacement, offering users more flexible financial solutions.

The push towards a super app coincides with increasing regulatory clarity in the U.S. Market, with recent legislative developments like the GENIUS Act and broader market structure legislation signaling progress. Armstrong welcomed these changes, noting the industry’s momentum: “The regulatory train has left the station.”

He also highlighted partnerships with traditional banking giants such as JPMorgan and PNC, advocating for a level playing field within the industry: “While we’ve partnered with banks, their policies often differ. We prefer a fair, uniform approach where all companies operate under the same rules.”

Related: Coinbase Files Legal Motion Over SEC’s Missing Texts and Messages

Leveraging DeFi to Boost USDC Yields

Coinbase has further integrated decentralized finance (DeFi) protocols, such as Morpho, into its platform. This partnership allows users to lend USDC directly—cutting out third-party platforms—and potentially earn yields nearing 10.8%, a significant boost for stablecoin investors.

This development comes amid regulatory discussions about yield-bearing stablecoins, especially following the passage of the GENIUS Act, which aims to restrict certain DeFi yield strategies. Major industry groups, like the Bank Policy Institute, have called for tighter controls—criticizing perceived loopholes that enable yield extraction through DeFi protocols.

Coinbase maintains that stablecoins and DeFi lending serve as modern alternatives rather than threats to traditional banking models. The company sees these innovations as essential steps toward a more efficient, inclusive financial ecosystem rooted in blockchain technology.