TL;DR
- Gemini has launched a credit card in partnership with Ripple that pays up to 4% back in XRP and aims to position RLUSD as the base currency for traders in the United States.
- The card, issued by WebBank, offers 4% back on transport and fuel, 3% at restaurants, 2% at supermarkets, and 1% on general purchases, with select merchant deals reaching up to 10%.
- Gemini is preparing for its stock market debut after filing paperwork for an IPO, while securing a $75M credit line from Ripple and reporting net losses of $282M for the semester.
Gemini has rolled out a credit card in collaboration with Ripple that pays rewards in XRP and expands the use of RLUSD as a base currency for U.S. traders.
The card, issued by WebBank like the company’s other cashback products, delivers up to 4% in XRP across specific categories: 4% on fuel, EV charging, and transportation services; 3% at restaurants; 2% at supermarkets; and 1% on general purchases. Gemini is also negotiating with selected retailers to provide up to 10% back on eligible purchases.
At the same time, the platform has enabled Ripple USD (RLUSD) —the stablecoin with roughly $680 million in market cap— as the base currency for all spot pairs available to U.S. users. This change allows traders to move funds between RLUSD and other assets without additional conversion steps, improving efficiency and preserving more liquidity within the platform.
Gemini Prepares for its IPO
It’s worth noting that Gemini is gearing up to go public. The company founded by the Winklevoss twins filed for an IPO in June and has been adding products tied to tokenized assets and direct trading with fractional shares. The firm also obtained a MiCA license in Malta, opening doors with regulators in the European region.
The IPO filing further reveals a $75 million credit line provided by Ripple. In the same filing, Gemini disclosed a net loss of $282 million in the first half of the year —a figure that investors will have to weigh when assessing its profitability and growth plan.
Tyler Winklevoss described the card as a way to connect users with XRP while providing incentives for the everyday use of cryptocurrencies. Meanwhile, Ripple CEO Brad Garlinghouse emphasized that enabling daily spending with XRP and RLUSD contributes to wider adoption among Americans, a segment he estimates at more than 55 million people.
Through these initiatives, Gemini aims to integrate crypto payments and streamline trading processes within a single platform
