Gemini adds RLUSD support to XRPL for faster, low-fee settlements

US-based cryptocurrency exchange Gemini has added support for Ripple’s stablecoin, RLUSD, on the XRP Ledger (XRPL). The move comes after it received regulatory approval for a joint collaboration with Mastercard and WebBank to onboard RLUSD for fiat settlements via Ripple’s blockchain.

According to Gemini, the integration enables users to deposit RLUSD on the XRPL and withdraw it on either the XRPL or Ethereum network, and it can also be staked with yields of up to 4% APY. In a statement posted on X Wednesday, Gemini said the update brings “near-instant settlement and lower fees.” 

Ripple, Gemini, Mastercard, and WebBank’s collab bears fruit

The announcement marks the culmination of a partnership first revealed in early November, when Ripple, Mastercard, WebBank, and Gemini came together to explore faster settlement mechanisms for fiat currencies using XRPL’s blockchain. 

Per a press statement from Mastercard, the initiative would onboard RLUSD to facilitate blockchain-based settlement for transactions on the Gemini Credit Card issued through WebBank.

“Through the Gemini Credit Card, we’re advancing the way that digital assets are integrated into everyday spending. In this next phase of the collaboration, we’re demonstrating how stablecoin settlement can be applied to an active card program, connecting blockchain innovation to real consumer payments,” said Dan Chen, Chief Financial Officer at Gemini.

Gemini believes the addition of RLUSD with XRPL support would simplify cross-chain transfers, to help holders move the stablecoin seamlessly regardless of the blockchain they choose. The exchange stated that this development is in tandem with Ripple’s strategy to expand stablecoin adoption and meet market demand for faster transaction settlements.

At the time of this reporting, RLUSD is ranked eighth in CoinMarketCap’s list of stablecoins with a market cap of $1.02 billion, a growth rate of 1,200% year-to-date. It had reached $500 million within the first seven months after launching in December 2024. 

Regulatory greenlight expands Gemini services to prediction markets

In addition to the RLUSD XRPL support launch, Gemini Space Station announced that its affiliate, Gemini Titan, has obtained a Designated Contract Market (DCM) license from the Commodity Futures Trading Commission (CFTC). 

According to Cryptopolitan’s report, the approval came after a five-year licensing process and will allow Gemini to debut prediction markets for its US customers, similar to Kalshi and Polymarket.

“Today’s approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini,” said Gemini CEO Tyler Winklevoss. “It’s incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.” 

US-based Gemini customers will soon be able to trade event contracts in prediction markets directly through the exchange’s web interface using USD from their Gemini accounts. In contrast, mobile app services for these contracts will be launched shortly thereafter.

XRP tanks 3% amid positive US spot ETF netflows

The positive news around Gemini and RLUSD had given XRP bulls a reason to smile on Tuesday when it led to a brief price charge to $2.1, but the profits were all wiped away by Wednesday’s US market trading close. The token slipped from $2.17 to $2.02 within the last 48 hours, a 4.3% loss. 

Several market watchers believe the price rejection at $2.12 was sealed when trading volume spiked to 172.8 million tokens, over 205% above the daily average, with activity from institutions peaking retail activity.

“As usual, markets are experiencing volatility post FOMC, creating widespread instability in the short-term. With the RSI in compression, and the Stoch RSI sitting in oversold territory, any further sweeps or downside activity towards the $1.90 TR support is welcomed,” wrote analyst ChartReaderTA on X.

Trading volume for the session ran 54% above the seven-day average, and exchange balances have dropped significantly over the past 60 days, from 3.95 billion tokens to 2.6 billion tokens, compressing available supply despite XRP failing to hold a breakout.

When the token attempted to walk past the $2.09-$2.10 range, heavy selling pressure ensued and dragged it back to $2.05 several times during Thursday’s early morning sessions. Meanwhile, US spot XRP ETFs reported weekly inflows exceeding $170 million and another week without outflows.

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