Gemini has overtaken Coinbase in the US iOS App Store finance category following the launch of its XRP Mastercard, a development that highlights how partnerships and product innovation are reshaping competition in the crypto exchange sector.
Data from Sensor Tower shows Gemini surged to 11th place after Monday’s announcement, while Coinbase slipped to 26th, despite reporting more than triple Gemini’s daily trading volume.
The launch also aligns with Ripple’s growing role in Gemini’s IPO preparations, which include financial backing and stablecoin integration, further strengthening the exchange’s positioning ahead of its Nasdaq debut.
Gemini XRP Mastercard fuels app growth
The special-edition XRP Mastercard was developed through Gemini’s collaboration with Ripple and issued by WebBank under Mastercard’s World Elite programme.
The card provides up to 4% back in XRP on purchases with no annual fee, including 4% on fuel, EV charging, and rideshare, 3% on dining, 2% on groceries, and 1% on other spending.
Meet the Gemini Credit Card, XRP edition.
Designed for enthusiasts, this limited edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking.
Available now 👀
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Users spending $3,000 within 90 days receive a $200 XRP bonus, while select merchant deals offer up to 10% back.
Gemini reported XRP has been its strongest-performing rewards option, with users holding XRP rewards for a year seeing returns rise by more than 450% between October 2021 and July 2025.
Ripple CEO Brad Garlinghouse acknowledged the milestone in an X post, writing, “An XRP rewards credit card out in the world?! What a time to be alive, XRP family.”
An XRP rewards credit card out in the world?! What a time to be alive, XRP family…
Use the special edition @Gemini card for everyday purchases, and earn up to 4% XRP back. gemini.com/xrp
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Ripple stablecoin expansion adds momentum
The launch coincides with the expansion of Ripple’s RLUSD stablecoin, now available for US spot trading on Gemini.
RLUSD, backed by the dollar, has grown to over $640 million in market capitalisation since its introduction earlier this year.
Sensor Tower data shows Gemini has consistently ranked within the top 25–30 finance apps between 28 July and 26 August, recording more than 90,000 downloads this month.
Coinbase, meanwhile, fluctuated sharply, dropping from 95th place in late July to around 155th in mid-August before rising to its current 11th spot, a climb of more than 90 positions.
Tyler Winklevoss described the overtaking of Coinbase as a signal that “the flippening is accelerating” in a Monday X post.
the flippening is accelerating
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IPO plans gain strength with Ripple support
The XRP card also ties into Ripple’s broader support for Gemini’s IPO ambitions.
Ripple extended a $75 million credit line, which may expand to $150 million, to strengthen Gemini’s financial position ahead of its Nasdaq listing under the ticker “GEMI.”
The arrangement, disclosed in Gemini’s SEC filing, includes a clause allowing the use of RLUSD for borrowing once the initial facility is tapped, directly integrating Ripple’s stablecoin into Gemini’s infrastructure.
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the IPO.
However, Gemini posted a net loss of $282.5 million in the first half of 2025, with cash reserves falling from $341.5 million to $161.9 million.
Other crypto firms, including OKX, Grayscale, and Kraken, have also flagged IPO intentions this year, while listed exchanges like Coinbase and Bullish, along with corporate investor MicroStrategy, have recorded multi-year highs under more favourable regulatory conditions during the Trump administration.
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