Robinhood Markets (HOOD) CEO Vlad Tenev stated that Robinhood Banking now has over 1.5 billion USD in deposits from nearly 100,000 customers who have deposited money, with a deposit growth of about 50% in just three weeks.
The product was released in November 2025 and is only for Robinhood Gold subscribers. Users receive an FDIC-insured checking account and high-yield savings account through Coastal Community Bank. The rapid growth is now putting pressure on Coinbase (COIN), which does not have any traditional banking products.
From trading app to bank challenger
Robinhood Banking's growth has been rapid. In December 2025, deposits were at 100 million USD. By January 2026, they had reached 300 million USD in revenue and 20,000 customers.
At the beginning of March, deposits reached 1 billion USD across 65,000 accounts with deposited money. The latest figures show that deposits nearly doubled again in three weeks.
The average deposit is around 15,000 USD per customer. This shows that users are moving their main bank account to Robinhood instead of just trying the product.
Robinhood's strategy is to integrate banking services with stocks, options, crypto, credit cards, and retirement accounts.
The company reported 68 billion USD in net deposits from all its products during 2025, and grew the number of Gold subscribers to 4.2 million.
Here Coinbase falls short
Coinbase does not offer any FDIC-insured checking or savings accounts. Their cash features are instead based on USD balances for crypto trading and USD Coin (USDC) interest, which are increasingly tied to the paid subscription Coinbase One.
At the same time, Coinbase generated 1.35 billion USD in revenue from stablecoin operations during 2025, up from 911 million USD the year before. The company earns interest on USDC reserves thanks to a revenue-sharing agreement with Circle.
But the legislation threatens these revenues. The GENIUS Act, which was approved in July 2025, prohibits stablecoin issuers from paying interest to holders.
Proposals in the Senate's CLARITY Act could also mean that Coinbase is no longer allowed to pay out any USDC rewards at all.
Robinhood's FDIC insurance covers up to 2.5 million USD per depositor through its deposit program. Coinbase has no equivalent protection for cash or USDC holdings.
Two philosophies, one race for super apps
Both companies are building towards the same goal but starting from different directions.
Robinhood started with stocks and now has banking services, credit, crypto, and retirement on the same platform.
Coinbase started with crypto and now offers stock trading around the clock, stablecoin interest, and lending on digital assets.
Big step — Robinhood Banking now has over 1.5 billion USD in deposits from nearly 100,000 customers, and deposits have increased by about 50% in the last three weeks, said Tenev.
HOOD stock rose in value, up 6.35% to 69.30 USD on March 31, and then after-hours to 69.96 USD.
The stock has fallen by about 40% from the peak of 152.46 USD in October 2025, but is still up over 85% in a year.
75% of Robinhood's 27 million customers with deposited money are under 44 years old. Thus, the company has an advantage in the battle for customers' daily finances.
Coinbase has had the same number of active users each month since 2021, and revenues are still heavily dependent on volatile crypto trading periods.
The question now is not whether Robinhood can compete with Coinbase in crypto, but whether Coinbase can compete with Robinhood in everything else.