Robinhood Markets (HOOD) CEO Vlad Tenev announced that Robinhood Banking has received over $1.5 billion in deposits from nearly 100,000 customers, with a growth of about 50% in just three weeks.
The product, launched in November 2025 and now only available for Robinhood Gold subscribers, offers FDIC insurance on high-yield checking and savings accounts through Coastal Community Bank. Due to this rapid growth, the pressure on Coinbase (COIN), which does not have a traditional banking product, is increasing.
From trading app to bank challenger
The growth of Robinhood Banking is very rapid. In December 2025, deposits were $100 million. In January 2026, revenues were $300 million with 20,000 customers.
By early March, the amount had risen to $1 billion spread across 65,000 accounts. Over the past three weeks, the total amount of deposits has nearly doubled again.
The average deposit is about $15,000 per customer. This shows that users are actually moving their primary banking relationships rather than just testing the product.
Robinhood links banking to an integrated ecosystem with stocks, options, crypto, credit cards, and retirement accounts.
The company reported $68 billion in net deposits across all products in 2025 and increased the number of Gold subscribers to 4.2 million.
Where Coinbase falls short
Coinbase does not offer FDIC insurance on checking or savings accounts. The cash features are primarily about USD balances for crypto trading and the USDC interest, which is increasingly tied to the paid Coinbase One subscription.
Nevertheless, Coinbase's stablecoin activity generated $1.35 billion in revenue in 2025, compared to $911 million the previous year. The company earns interest on USDC reserves through an agreement with Circle.
But regulation threatens this revenue source. The GENIUS Act, implemented in July 2025, prohibits stablecoin issuers from paying interest to holders.
Proposals in the Senate's CLARITY Act could even prohibit Coinbase from offering USDC rewards altogether.
The FDIC coverage of Robinhood extends to $2.5 million per account holder through deposit spread programs. Coinbase does not offer similar protection for cash or USDC.
Two philosophies, one super-app race
Both companies are working towards the same goal but from different directions.
Robinhood started with stocks and integrated banking, credit cards, crypto, and retirement accounts into one platform.
Coinbase started with crypto and now also offers 24/5 stock trading, stablecoin interest, and lending with digital assets as collateral.
Key milestone — Robinhood Banking has just reached $1.5 billion in deposits from nearly 100,000 customers, and deposits have increased by about 50% over the past three weeks,” said Tenev.
The HOOD stock reacted immediately and rose by 6.35% to $69.30 on March 31, after which the price increased to $69.96 in after-hours trading.
The stock is now down about 40% from the all-time high of $152.46 in October 2025, but still remains more than 85% higher than a year ago.
With 75% of the 27 million funded customers under 44 years old, Robinhood has a demographic advantage in the race for daily financial engagement.
The number of active monthly users at Coinbase has remained the same since 2021, and revenues are heavily dependent on fluctuations in cryptocurrency trading.
The question is now changing: no longer whether Robinhood can compete with Coinbase in crypto, but whether Coinbase can compete with Robinhood on all other fronts.