XRP Mastercard Launch: Gemini Expands Ripple Ties By Adding RLUSD To Spot Pairs

Gemini announced the launch of the XRP Mastercard on Monday, promising users that they could earn up to 4% cash back on every purchase and that there would be no annual fee for the credit card.

Gemini officially announced the launch of the card in a post on X, stating, “Designed for enthusiasts, this limited edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking.”

Despite the hype around the XRP Mastercard, XRP’s price dropped 1.9% in the last 24 hours as the broader crypto market trended lower. On Stocktwits, retail sentiment around the third-largest cryptocurrency by market value moved higher, but continued to trend in ‘bearish’ territory.

On the equities side, Mastercard’s stock edged 0.7% lower in morning trade, amid broader market weakness. On Stocktwits, retail sentiment around the financial payments giant trended lower within the ‘bearish’ zone.

The company said the XRP Mastercard will give 4% cashback on transactions for gas, EVs, and rideshare purchases and 3% cashback on dining expenses. Users can also get 2% cashback on groceries and 1% cashback on everything else. Gemini said it is also partnering with select merchants to provide up to 10% back on eligible purchases.

"We’re giving customers and the XRP Army new ways to earn XRP and express their passion, loyalty, and excitement,” said Tyler Winklevoss, co-founder and CEO of Gemini. Users can load XRP into a Gemini-linked wallet, with each swipe instantly converted to local currency, reportedly settling in seconds with fees as low as 1%. 

The exchange also announced that Ripple USD (RLUSD), Ripple’s $680 million U.S. dollar stablecoin, will now be available as a base currency for all U.S. spot trading pairs on Gemini. The company said it would allow traders to move directly between RLUSD and other assets without extra conversion steps. “Fifty-five million Americans own crypto and that number is only increasing as more people look for easier ways to access and use it in their daily lives,” Ripple CEO Brad Garlinghouse said.

The new card comes as Gemini ramps up products ahead of its planned U.S. listing. The exchange disclosed a $75 million credit line from Ripple and a $282 million net loss in the first half of the year. 

Read also: Bitcoin Slides To July Levels, Ethereum Retreats From Weekend Highs – $840M Liquidated In Crypto Selloff

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