Uphold Unveils XRP Banking: 10% XRP Cashback & DeFi Loans
Uphold has upgraded its financial platform to build an XRP-centric alternative to banks. President Nancy Beaton revealed the details. The revamped debit card offers up to 6% cashback on all purchases. Users receive an extra 4% cashback in XRP if they set up direct deposits. Rewards apply to payments made with crypto, fiat, or stablecoins. Through a partnership with EXA Protocol, Uphold will soon allow DeFi loans collateralized by XRP. Users can spend via a credit card without selling their XRP holdings. Additionally, U.S. dollar balances earn 4% interest. Funds are FDIC insured up to $2.5 million. These features integrate XRP into everyday payments, credit, and savings. This enhances XRP’s real-world utility and supports holders.
Bullish
Uphold’s introduction of high-yield cashback in XRP, DeFi-backed loans and FDIC-insured interest accounts directly increases the utility and accessibility of XRP. Similar incentive programs, such as Coinbase’s staking rewards or Gemini’s earning programs, have previously driven positive price action and trading volume. By embedding XRP into daily payments and credit services, the platform creates consistent demand and on-ramps, potentially lifting transaction volumes and price support. In the short term, traders may anticipate increased buying pressure as users accumulate XRP to maximize rewards. Over the longer term, stronger real-world use cases and institutional confidence could underpin sustained bullish momentum for XRP.