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Dren Hima
Dren Hima is Head of Research at Coincub, leading research across digital asset regulation, licensing, market structure, tokenization and institutional adoption.
Gemini Launches XRP Credit Card as Ripple Partnership Expands
Gemini has rolled out a new XRP credit card in the United States, marking a major shift in its strategy and deepening its ties with Ripple. The launch, backed by a $75 million joint investment, comes as the exchange prepares for its public listing later this year.
A Card Built for the XRP Community
The Gemini Credit Card XRP Edition went live on August 25, offering cashback directly in XRP. Cardholders can earn up to 4% back on categories such as gas, EV charging, and rideshares, with caps in place before rewards drop to 1%. Dining earns 3%, groceries 2%, and all other purchases 1%.
Gemini has also partnered with select merchants to provide up to 10% back for all card users. Rewards are paid instantly in XRP into users’ Gemini accounts, where they can be held, traded, or withdrawn. The card has no annual fee, no foreign transaction charges, and comes with Mastercard World Elite benefits.
The launch is limited to U.S. residents for now, with WebBank issuing the card and Mastercard running the payments infrastructure.
The decision to launch an XRP-focused card highlights how far Gemini’s position on the token has shifted. The exchange once resisted listing XRP despite overtures from Ripple, but reversed course after Ripple’s legal win over the SEC in 2025.
Gemini co-founder Tyler Winklevoss framed the new product as a way to energize the so-called “XRP Army.” He said the card gives customers “new ways to earn XRP and express their passion, loyalty, and excitement.”
Gemini data shows why the exchange is leaning into XRP: cardholders who held XRP rewards for at least one year saw gains of more than 450% by mid-2025, outperforming other reward options.
RLUSD Stablecoin Integration
The card launch coincides with Gemini’s expansion of Ripple USD (RLUSD), the company’s dollar-backed stablecoin. RLUSD, now with a market cap above $640 million, has been approved by New York regulators and is integrated as a base currency for U.S. spot trading pairs on Gemini.
By cutting out extra conversion steps, RLUSD reduces costs and delays for traders. Ripple CEO Brad Garlinghouse called the partnership a way to bring crypto into everyday life, noting that “fifty-five million Americans own crypto and that number is only increasing.”
Financial Context and IPO Push
Gemini is rolling out the XRP card while preparing for its IPO. The exchange filed earlier this year despite posting a net loss of $282.5 million on $67.9 million in revenue for the first half of 2025. Losses have widened compared to 2024, but the company is betting that new products and a stronger partnership with Ripple will help secure market share.
The timing is significant. XRP has gained momentum after Ripple’s courtroom victory, and institutions from abrdn to Société Générale–Forge are adopting XRPL technology for payments and settlement. Gemini is positioning itself at the center of that trend.
