Gemini Launches XRP Credit Card; UAE’s $740M BTC Exposed

Gemini and Ripple have unveiled an XRP edition credit card on the Mastercard network, issued by WebBank. Cardholders earn up to 4% back in XRP credit card rewards on gas, EV charging and rideshare, plus no annual or foreign transaction fees. Rewards are flexible: users can switch to Bitcoin (BTC), Ether (ETH) or over 50 other cryptocurrencies at any time. The card, available in all 50 U.S. states and Puerto Rico, complements Gemini’s support for Ripple USD (RLUSD) as a base currency for spot trading pairs, reducing trading steps and fees. Blockchain intelligence firm Arkham traced nearly $740 million in Bitcoin holdings to United Arab Emirates–linked wallets. Unlike U.S. and U.K. reserves from seizures, the UAE’s BTC cache stems from Citadel Mining’s operations, majority-owned by the UAE Royal Group via International Holding Company (IHC). Citadel has mined about 9,300 BTC and retains around 6,300 BTC. Arkham corroborated these figures using on-chain data and satellite imagery. At the Asia Blockchain Summit, Bybit Co-CEO Ben Zhou outlined a comprehensive security overhaul following a $1.5 billion hack. Measures include fortified hot and cold wallets, independent audits by Hacken, and regular proof-of-reserve reports. Bybit also launched its EU arm (MiCAR-compliant), gained approvals in UAE and India, and rolled out new features like Megadrop airdrops, the TradeGPT AI assistant, tokenized stocks, bbSOL staking, and a DEX. The World Federation of Exchanges urged regulators to clamp down on tokenized stocks, warning they mimic equities without granting shareholder rights. The WFE called for applying securities laws to tokenized assets, establishing clear custody frameworks, and banning misleading marketing of “stock tokens.”