Coinbase CEO Brian Armstrong plans to turn the company into a full-service crypto “super app” to replace traditional banks. He aims to offer financial services like payments and credit cards powered by crypto rails. Armstrong criticizes high transaction fees in the current banking system and wants to offer a 4% Bitcoin rewards card. Regulatory clarity in the US is enabling Coinbase to pursue its super app vision. Coinbase has integrated decentralized lending protocol Morpho into its app, allowing users to earn yields as high as 10.8% by lending USDC directly. This move comes amid tensions around yield-bearing stablecoins, which were banned under the GENIUS Act. Coinbase dismisses criticisms that stablecoins threaten lending, viewing them as a modern alternative to outdated banking revenue models.

Read more at Cointelegraph: We Want to Replace Banks with Super App