The debut of Gemini’s cryptocurrency card with rewards in XRP
The debut of Gemini’s cryptocurrency card with rewards in XRP has propelled the exchange to the top of the Finance section of the U.S. App Store, surpassing Coinbase in recent rankings, as confirmed by Sensor Tower.
The combination of up to 4% cashback, a $200 welcome bonus—obtainable by spending $3,000 in the first 90 days—and increased app visibility has generated significant interest and an increase in registrations. An interesting aspect is that the push comes from a real payment product, not just branding campaigns.
According to data collected by our team and Sensor Tower’s findings, updated as of August 26, 2025, downloads recorded in the 72 hours following the launch exceeded 90,000. Industry analysts observe that the integration of real payment products tends to generate more sustained activation peaks compared to simple marketing campaigns.
Info about Gemini’s XRP card
- App Store Rankings (USA): according to Sensor Tower’s findings, Gemini climbed the top Finance iOS, surpassing Coinbase.
- Rewards: up to 4% in XRP on selected categories, with no annual fee.
- Bonus: $200 in XRP with a minimum spending threshold of $3,000 in the first 90 days.
- Issuance: card issued by WebBank on the Mastercard World Elite network.
- Context: integration with the stablecoin RLUSD—whose capitalization is estimated around $485 million according to data as of August 25, 2025, from CoinDesk—and a user acquisition strategy in view of a path towards the IPO, illustrated in the recent S-1 filing (proposed ticker “GEMI”).
iOS rankings, announcement effect, and what’s behind the leap
Sensor Tower’s analyses indicate that, after the announcement of the card with rewards in XRP, Gemini consolidated its position in the Finance category of the U.S. App Store, reaching top positions and surpassing Coinbase.
It should be noted that rankings are dynamic and subject to rapid reversals, but the trend shows how payment products with crypto incentives are becoming a growth driver for exchanges. In this context, the combined effect of product novelty, app visibility, and targeted promotions seems to have made the difference.
Main features of the card with rewards in XRP
The card, part of the Mastercard World Elite program and issued by WebBank, offers an XRP rewards program on everyday purchases, with no annual fee. The cashback structure is as follows:
- 4% in XRP on fuel, electric vehicle recharges, and rideshare services
- 3% in XRP on restaurants and bars
- 2% in XRP on groceries
- 1% in XRP on all other transactions
Sign-up bonus: $200 in XRP upon reaching $3,000 in qualified spending in the first 90 days
The rebates are credited in XRP to the Gemini account, with the possibility to keep, convert, or transfer them according to the terms provided. In practice, the rewards are tied to the exchange’s ecosystem, with a rather straightforward usage logic.
How Gemini’s XRP card works operationally
After approval, the card is activated via the Gemini app. The user must select XRP as the currency for rewards and start accumulating cashback according to the spending categories provided, which vary based on merchant classifications (MCC) and program terms. The rewards, subject to specific crediting times, can be revoked in case of returns or disputes. An interesting aspect is the dependence on MCCs, which sometimes do not perfectly reflect the type of spending perceived by the user.
Risks, limits, and what to consider before using the card
- Volatility: the value of XRP can vary significantly, affecting the actual value of the cashback.
- Tax implications: in many jurisdictions, crypto rewards can generate taxable events upon receipt or conversion, which is why consulting a tax expert is advisable.
- Spread and fees: conversion rates, spreads, and any fees on purchases or transfers could reduce the net benefit.
- Categories and exclusions: cashback percentages are tied to MCCs, and some transactions may not be included in the program or have different rates.
- Issuer stability: Gemini’s financial solidity is closely monitored; recent quarters have highlighted significant losses and a cash decline, elements that represent a risk factor for some investors.
Product strategy: card, stablecoin RLUSD, and push for adoption
Simultaneously with the card launch, Gemini has expanded access to the stablecoin RLUSD, now available for spot trading in the United States, as highlighted on the official Gemini website.
The capitalization of RLUSD, estimated around $485 million according to CoinDesk and referred to August 25, 2025, is indicative of growing adoption. In this context, the integration between payments, XRP rewards, and stablecoin aims to create a more fluid ecosystem, reducing the gap between everyday spending and digital asset management. It should be noted that operational execution remains the crucial point.
Downloads and volumes: the comparison with Coinbase
- Downloads: over 90,000 downloads have been recorded in a recent period, according to Sensor Tower estimates (data updated as of August 26, 2025).
- Daily spot volumes: CoinMarketCap indicates volumes around $4.54 billion for Coinbase, while Gemini records about $382.49 million, with data consulted on August 26, 2025.
The discrepancy between ranking positioning and market share in terms of volumes highlights how product campaigns can generate immediate impacts on visibility without substantially altering trading balances in the short term. It is a known effect in Finance apps on iOS: download peaks do not always, at least immediately, translate into greater depth of use.
Partnership with Ripple, credit line, and path towards the IPO
The collaboration with Ripple strengthens Gemini’s commercial strategy: in the S-1 filing for listing on Nasdaq—with proposed ticker “GEMI”—a credit line allocation of $75 million, extendable to $150 million, with the use of RLUSD as a loan option, has been indicated. In this context, despite significant losses being highlighted, the support of major financial institutions as bookrunners is read as an indication of interest in the model, albeit with clear risks. The trajectory towards the IPO remains tied to market evolution and subsequent S-1 amendments.
What it means for competition among exchanges
Crypto cashback cards are confirmed as central tools in exchange growth strategies, as they stimulate user activation, increase app usage frequency, and promote lock-in through rewards. It should be noted that the sustainability of the model will depend on the ability to balance incentive costs, credit risk management, and operating margins, crucial elements in a sector marked by highly volatile market cycles. In other words, adoption can accelerate, but profitability still needs to be measured with caution.
The launch of Gemini’s XRP rewards card had an immediate impact on App Store visibility and accelerated the acquisition of new users. While considering the volatility of rankings and crypto markets, the direction is clear: exchanges are increasingly focusing on payment products and reward programs, integrating stablecoins and credit lines to strengthen their ecosystem. The solidity of the model will be evaluated in the coming months based on the sustainability of incentives and the ability to maintain competitive operating margins.