Uphold

Uphold Launches All-in-One XRP Banking Ecosystem With 10% Cashback and DeFi Lending

Uphold transforms into XRP's ultimate financial ecosystem: 10% cashback debit card, DeFi lending on XRP holdings, 4% FDIC-insured USD accounts, and tokenized deposits coming 2026. The platform that never delisted XRP now offers the most comprehensive XRP banking alternative.

The Ripple Effect

— 7 min read
Uphold Launches All-in-One XRP Banking Ecosystem With 10% Cashback and DeFi Lending

Uphold Launches All-in-One XRP Banking Ecosystem With 10% Cashback and DeFi Lending

Uphold has officially transformed from a crypto exchange into a comprehensive XRP-powered financial platform, introducing a debit card with up to 10% XRP cashback, DeFi lending capabilities, and high-yield USD accounts—positioning itself as the most XRP-friendly financial service in the market.

The XRP Community's Most Requested Features Are Here

In late October 2024, Uphold relaunched its U.S. debit card program after discontinuing it in March 2023, marking a strategic return with enhanced rewards specifically designed for its loyal XRP community. Nancy Beaton, Uphold's U.S. President and Chief Revenue Officer, emphasized the platform's unique relationship with XRP holders: "We have a really high concentration of XRP holders in our community. We never delisted XRP, even in the tough regulatory times when every other exchange did. And for that, XRP users are loyal to Uphold."

The relaunch comes at a pivotal moment for XRP adoption, offering multiple ways for holders to earn and utilize their assets without selling.

Up to 10% XRP Cashback: How the Math Works

Uphold's debit card offers two tiers: the Uphold Elite Card provides 6% XRP cashback on purchases with a $99.99 annual fee, zero ATM withdrawal fees, and no foreign transaction charges, while the Uphold Essential Card offers 4% XRP rewards with modest fees. Both cards allow spending over 300 digital assets anywhere Visa is accepted.

The real game-changer? Uphold launched a Direct Salary Deposit feature in June 2025 that provides an additional 4% XRP cashback on direct deposits of at least $250. When combined with the Elite Card's 6% purchase rewards, users can achieve a total of 10% XRP cashback.

Users activating cards before January 1, 2026 lock in promotional rates for three months, with XRP rewards capped at up to $800 monthly. The direct deposit rewards require a minimum $250 deposit and are capped at $500 per month.

DeFi Lending: Earn Yield or Borrow Against XRP

In a significant expansion of XRP utility, Uphold announced its integration with Exactly Protocol in late October 2024, a decentralized lending protocol that enables users to earn interest on or borrow against digital assets, including XRP, USDC, ETH, and BTC.

Simon McLoughlin, CEO of Uphold, stated: "On-chain borrowing and lending is one of the best use cases in crypto. But until now, it has only been accessible to technical users. The number one thing we hear from our XRP community is, 'How do we earn on our holdings?' With this new integration, they'll be able to do just that."

The service enables two key functions:

Lending: Users can deposit XRP into lending pools to earn yield without selling their holdings.

Borrowing: Users can borrow against their digital assets and spend the loans through a Visa credit card, with loans accessible 24/7 without credit checks.

The service launched for users in Florida and Latin America in December 2024, with broader U.S. availability planned for the first quarter of 2026.

4% Interest on USD Deposits With $2.5M FDIC Insurance

Beyond crypto rewards, Uphold offers a USD Interest Account through partner Atomic Brokerage that provides up to 4.25% APY on balances of $10 or more, with 2% APY on balances between $1 and $9.99.

Deposits are FDIC-insured up to $2.5 million through a cash-sweep program that distributes funds across up to 10 program banks, providing $250,000 coverage per depositor at each bank. The accounts feature instant liquidity with no lock-up periods, allowing immediate transfers between the interest account and Uphold's crypto trading platform.

The USD Interest Account launched in September 2024, making Uphold one of the first major crypto trading platforms to embed a brokerage account offering interest on USD.

Tokenized Deposits Coming in 2026

Looking ahead, Uphold announced a preliminary partnership in October 2025 with USBC Inc. and Vast Bank to launch the world's first retail tokenized deposit offering, with customer access expected to begin in 2026.

Through this partnership, Uphold customers will be able to open U.S. dollar deposit accounts and hold digital representations of deposits at Vast Bank on USBC's privacy-preserving blockchain, with deposits designed to be eligible for FDIC insurance and subject to Regulation E protections.

The parties have entered into a non-binding Memorandum of Understanding with intent to finalize terms during the fourth quarter of 2025, subject to board and regulatory approvals. Unlike stablecoins, these tokenized deposits represent real bank deposits with full regulatory protections combined with blockchain accessibility.

XRP/Ripple Impact Analysis

Enhanced XRP Utility and Adoption

Uphold's comprehensive ecosystem significantly expands XRP's real-world use cases beyond trading and speculation. With over 10 million global users, Uphold's platform provides infrastructure for XRP to function as:

  • A daily spending currency through the debit card
  • A rewards mechanism that incentivizes ongoing engagement
  • A yield-generating asset through DeFi lending
  • Collateral for borrowing without selling

Competitive Positioning

The relaunch positions Uphold competitively alongside other crypto rewards cards from Coinbase (Bitcoin rewards), Gemini (Solana rewards), and Crypto.com. However, Uphold's exclusive focus on XRP rewards and its historical support during regulatory challenges creates a unique value proposition for the XRP community.

Potential Price Impact Considerations

While Uphold's XRP cashback program creates consistent buying pressure—the platform must acquire XRP to distribute rewards—several factors temper direct price impact predictions:

Reward Distribution Scale: With monthly reward caps of $800 combined between card usage and direct deposits, the total XRP purchased for rewards depends on user adoption rates and spending patterns.

Market Depth: XRP maintains substantial daily trading volume, meaning Uphold's reward purchases would need to scale significantly to materially impact price.

Competitive Dynamics: The broader crypto rewards card market continues expanding, with multiple platforms offering competitive incentives across different tokens.

Industry analysts suggest the primary impact may be on XRP adoption metrics and holder engagement rather than immediate price appreciation, though sustained growth in Uphold's user base could create meaningful demand over time.

Regulatory Considerations

Uphold's support for XRP throughout the SEC lawsuit period—when most exchanges delisted the token—established strong credibility with the XRP community. The platform's regulatory compliance focus, demonstrated through FDIC-insured products and partnerships with nationally-chartered banks, positions it well for continued operation regardless of future regulatory developments.

The Bottom Line

Uphold has built the most comprehensive XRP-focused financial ecosystem in the market, combining consumer banking features (high-yield savings, debit cards) with crypto-native functionality (DeFi lending, tokenized deposits). Nancy Beaton emphasized the platform's competitive advantage: "You cannot get anything like this out in the market," referring to the combined 10% XRP cashback potential.

For XRP holders seeking utility beyond speculation, Uphold now offers multiple ways to earn, spend, and leverage holdings without selling. The platform's long-term commitment to XRP and focus on regulatory compliance differentiates it in an increasingly crowded crypto financial services market.

Whether these features will drive significant new adoption or primarily serve existing Uphold users remains to be determined, but the infrastructure now exists for XRP to function as a genuine banking alternative rather than merely a trading asset.

DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.

SOURCES & REFERENCES

Official Company Announcements

Uphold Official Website

Press Releases

Established Crypto News Outlets

Major Publications

Specialized Coverage

DeFi & Lending Integration

Exactly Protocol Partnership

Tokenized Deposits Coverage

Partnership Announcements

Additional Analysis & Reviews

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