Coinbase, the leading U.S.-based cryptocurrency exchange, has unveiled its highly anticipated One Card, a metal credit card that rewards users with up to 4% cashback in Bitcoin on every dollar spent. Available exclusively to U.S.-based Coinbase One subscribers, this innovative product marks a significant step in bridging traditional finance with the world of crypto.
Announced during Coinbase’s State of Crypto Summit in New York, the Coinbase One Card is set to launch this fall and will operate on the American Express network. The card comes packed with perks, including travel benefits, purchase protections, and limited-time offers, making it an attractive option for both seasoned crypto enthusiasts and newcomers alike.
How the Coinbase One Card Works
The cashback rate starts at 2% and increases based on the amount of crypto a user holds on Coinbase. For those holding significant assets on the platform, the reward rate can climb as high as 4% —a compelling incentive for users to consolidate their crypto holdings within Coinbase’s ecosystem.
The physical card itself is crafted from metal and engraved with part of the Bitcoin genesis block, symbolizing its deep connection to the crypto space. Speaking at the summit, Brian Armstrong, Coinbase’s CEO, emphasized the card’s utility:
“We’re excited to bring more utility to everyday spending. Why shouldn’t you earn 4% on your checking account?”
Accessible Through Coinbase One Membership
To make the One Card more widely accessible, Coinbase is introducing a new Basic tier for its Coinbase One subscription service. Priced at $4.99 per month (or $49.99 annually), the Basic tier allows users to access the card without additional fees while unlocking other valuable benefits:
- Zero trading fees on up to $500 per month.
- 4.5% APY on the first $10,000 of USDC held on the platform.
- Up to $1,000 in account protection in case of unauthorized access.
Since its launch in 2023, Coinbase One has amassed nearly one million members, who use the service for crypto trading, staking, and earning rewards. According to Armstrong, the Basic tier is designed to attract a broader audience, including individuals just beginning their crypto journey.
Brian Armstrong on Bitcoin’s Future as a Reserve Currency
During the summit, Armstrong shared his thoughts on the future of Bitcoin and its potential to replace the U.S. dollar as the global reserve currency. He warned that escalating national debt and deficit spending could trigger a shift away from the dollar, particularly if Congress fails to address these issues promptly.
“If the debt situation doesn’t get fixed, I do think that eventually Bitcoin will have to become the reserve currency—for better or worse,” Armstrong said.
He dismissed the possibility of the Chinese RMB taking over, citing China’s own debt challenges, but noted that rising national debt correlates with Bitcoin’s recent all-time highs.
Armstrong drew parallels to historical instances where countries decoupled their currencies from hard assets, leading to inflation. He highlighted 150% to 200% debt-to-GDP ratios as critical thresholds, likening the situation to “the frog slowly getting cooked.”
Advocacy for Bipartisan Crypto Legislation
Armstrong expressed strong support for bipartisan crypto legislation currently under consideration in Congress. He praised the Trump administration for its proactive stance on crypto regulation and urged lawmakers to pass key bills like the Stablecoin Act, the Clarity Act, and the GENIUS Act before the summer recess.
“We need to stick the landing,” he said. “The president wants those bills signed into law by August.”
When asked about the potential for recent tax legislation to trigger a financial crisis, Armstrong admitted uncertainty but suggested that a follow-up bill addressing discretionary spending might be necessary to prevent further economic fallout.
Expanding Partnerships and Strategic Initiatives
Coinbase also announced a partnership with Shopify, enabling merchants to accept USDC payments directly. This move aligns with Coinbase’s broader strategy to integrate cryptocurrencies into mainstream commerce.
Additionally, Coinbase now offers a debit card through Visa, complementing its AMEX-backed One Card. Armstrong emphasized collaboration with traditional card networks rather than competition:
“We’re not trying to fight Visa and AMEX. We’re working with them. But crypto is making people question the margins.”
He revealed that forward-thinking networks are already exploring stablecoin strategies to stay competitive in the evolving financial landscape.
Coinbase’s Stake in Circle and Future Acquisitions
Armstrong confirmed that Coinbase remains a significant equity holder in Circle, the issuer of USDC, and serves as its largest distribution partner. While he acknowledged that the market may not fully appreciate this relationship’s value, he left the door open for potential acquisitions:
“We’d always consider it, but it takes two parties.”
He closed the interview by responding to a warning from CFTC Acting Chair Caroline Pham, who reminded crypto investors that regulation is coming.
Brian agreed. “There are no free rides,” he said. “Regulation will be a huge boon. We’re actively working all over DC to get it done.”
Closing Thoughts
The launch of the Coinbase One Card represents a bold step toward mainstream adoption of cryptocurrencies, offering users tangible rewards for integrating Bitcoin into their daily lives. Meanwhile, Armstrong’s insights on Bitcoin’s potential as a reserve currency and his advocacy for regulatory clarity underscore Coinbase’s commitment to shaping the future of finance.
As the crypto industry continues to evolve, Coinbase’s strategic initiatives—from partnerships with Shopify to collaborations with major card networks—position it as a leader in driving innovation and accessibility.
