Gemini Deepens Ripple Ties With XRP Credit Card, RLUSD Expansion Ahead of IPO

Gemini is expanding its partnership with Ripple, rolling out an XRP rewards credit card for U.S. customers and broadening the use of Ripple USD (RLUSD) as it prepares for a potential public listing.

XRP Credit Card Launch

The crypto exchange introduced a new version of its credit card that provides cashback in XRP. Issued by WebBank, the card offers 4% rewards on fuel, EV charging, and ridesharing, 3% on dining, 2% on groceries, and 1% on all other purchases.

Gemini said select merchants will provide up to 10% back on eligible transactions. “We’re giving customers and the XRP Army new ways to earn XRP and express their passion, loyalty, and excitement,” Gemini co-founder Tyler Winklevoss said.

Gemini also expanded the role of Ripple USD on its U.S. platform. The $680 million stablecoin is now available as a base currency for all spot trading pairs, allowing traders to move between assets without 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. “With Gemini, we’re making everyday spending a chance to earn and connect with both XRP and RLUSD.”

IPO Filing

The moves come as Gemini steps up efforts ahead of a planned IPO. The exchange filed for a listing in June and has since expanded its offerings, including tokenized U.S. stock trading and regulatory approval in Malta under MiCA rules.

According to its IPO paperwork, Gemini reported a $282 million net loss in the first half of the year and secured a $75 million credit facility from Ripple.

Related: Crypto Exchange Gemini's Losses Explode 580% Before Going Public

Meanwhile, Cryptocurrency exchange Gemini has reported a sharp increase in losses for the first half of 2025, disclosing a net loss of $282.5 million compared with $41.4 million in the same period last year. The figures highlighted mounting financial pressures as the firm prepares to enter public markets.

The results mark a setback for Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, who are seeking to position the exchange among a growing list of crypto firms eyeing Wall Street debuts this year.

Revenue for the six months through June slipped to $68.6 million from $74.3 million a year earlier, further weighing on performance. The decline comes even as the broader digital asset sector has benefited from a friendlier policy environment under the Trump administration and rising institutional interest in cryptocurrencies.