Coinbase launches One Card, promising 4% Bitcoin back on every purchase

Coinbase has launched a new metal credit card for US users that gives up to 4% cashback in Bitcoin on every single dollar spent, starting this fall.

The product, called the Coinbase One Card, was announced during the company’s State of Crypto Summit in New York, where CEO Brian Armstrong confirmed that only US-based Coinbase One subscribers will have access.

The cashback rate starts at 2%, and the more crypto a user holds on Coinbase, the higher the percentage climbs. The card reportedly runs on the American Express network, and comes with travel perks, purchase protections, and limited-time offers.

The physical card itself is metal and engraved with part of the Bitcoin genesis block. According to Yahoo Finance, Brian said, “We’re excited to bring more utility to everyday spending. Why shouldn’t you earn 4% on your checking account?”

Coinbase offers basic tier membership to unlock access

The company is also rolling out a Basic tier for Coinbase One to make the new card available at a lower cost. For $4.99 per month or $49.99 per year, users can unlock access to the Coinbase One Card without additional fees.

That same tier offers zero trading fees on up to $500 per month, 4.5% APY on the first $10,000 of USDC, and up to $1,000 in account protection in case of unauthorized access.

Since Coinbase One launched in 2023, its membership base has allegedly reached almost one million people, all of whom use the service for crypto trading, staking, and reward benefits. Brian said the Basic tier is designed to reach a wider audience, including those who are just getting started.

Brian says bitcoin could replace dollar if debt crisis worsens

During the Summit, Brian was asked about the future of Bitcoin and whether it could become the world’s reserve currency. “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,” he said. He blamed growing US debt and deficit spending, warning that without urgent action from Congress, the global financial system could shift away from the US dollar.

“It’s not going to be the Chinese RMB,” Brian said. “They have their own debt problems.” He said rising national debt and Bitcoin’s all-time highs aren’t a coincidence.

He added that in history, once a country decouples its currency from hard assets, inflation eventually follows. He cited 150% to 200% debt-to-GDP ratios as danger zones and said, “It’s like the frog slowly getting cooked.”

Brian expressed support for current bipartisan crypto legislation in Congress, praising the Trump administration for its stance. He also said the Stablecoin Act, the Clarity Act, and the Genius Act should be passed before Congress leaves for summer recess. “We need to stick the landing,” he said. “The president wants those bills signed into law by August.”

When asked if recent tax legislation could be the trigger for a financial crisis, Brian replied, “I’m reading both sides on this. I don’t know enough to say for sure, to be honest.” He suggested a follow-up bill might be necessary to address discretionary spending and prevent further economic fallout.

He also revealed a partnership with Shopify that enables merchants to accept USDC payments directly. Alongside the AMEX-backed One Card, Coinbase now has a debit card through Visa, too.

“We’re not trying to fight Visa and AMEX,” Brian said. “We’re working with them. But crypto is making people question the margins.” He added that the smarter card networks are already working on stablecoin strategies to avoid being left behind.

On the topic of Circle, issuer of USDC, Brian confirmed Coinbase still holds equity in the company. “We’re the largest distribution partner for USDC,” he said.

Their agreement is “substantial,” and Brian believes the market isn’t fully pricing that into Coinbase’s stock. When asked if he’d ever consider acquiring Circle, Brian said, “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.”

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