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From crypto credit cards to calls for a clampdown on tokenized stocks, we’re tracking today’s most important crypto and AI stories as they unfold. This article will be updated throughout the day.
Gemini Introduces XRP Edition Credit Card
Cryptocurrency exchange Gemini introduced an XRP Edition of its credit card in partnership with Ripple, expanding its consumer offerings as it prepares for a U.S. initial public offering (IPO).
Issued by WebBank and running on the Mastercard network, the card allows users to earn rewards in XRP with no annual fee, no foreign transaction fees, and instant crypto rewards.
Cardholders can earn crypto rewards in XRP:
- 4% back on gas, EV charging, and rideshare
- 3% on dining
- 2% on groceries
- 1% on all other purchases
- Plus, select merchants offer up to 10% back on qualifying purchases
Rewards can be earned in XRP, Bitcoin, Ether, or over 50 other cryptocurrencies, with customers able to switch their preferred reward at any time. The card will be available to residents in all 50 U.S. states and Puerto Rico, subject to terms and restrictions, but will not be offered outside the United States.
Moreover, Gemini is now allowing Ripple USD (RLUSD), a USD-backed stablecoin with over $640–680 million in market cap, to serve as an optional base currency for all spot trading pairs on its U.S. platform. This aims to reduce trading steps and fees.
Arkham Identifies UAE’s $740M Bitcoin Holdings
Blockchain intelligence platform Arkham has publicly labeled Bitcoin addresses linked to the United Arab Emirates (UAE), revealing government-linked holdings of nearly $740 million.
According to Arkham, the UAE becomes the fourth-largest government with Bitcoin holdings on its platform. Unlike the U.S. and U.K., whose holdings largely come from asset seizures, the UAE’s BTC reserves are the result of mining operations.
The UAE’s holdings stem from Citadel Mining, a public company majority-owned by the UAE Royal Group through International Holding Company (IHC).
- Citadel has mined about 9,300 BTC to date and is still holding roughly 6,300 BTC.
- Citadel Mining is 85% owned by 2pointzero, which is fully owned by IHC. IHC itself is ~61% controlled by UAE Royal Group, owned by Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi’s royal family.
- In 2022, Citadel, in partnership with Phoenix Group and IHC, built an 80,000-square-meter bitcoin mining facility on Al Reem Island, Abu Dhabi, completed in just six months.
- Phoenix Group, also labeled on Arkham, currently holds about $3.2 million in BTC.
Arkham says it corroborated the facility’s timeline using on-chain activity and satellite imagery.
Bybit CEO Details Security Overhaul After $1.5B Hack
In his keynote session, Bybit Co-Founder and Co-CEO Ben Zhou said the exchange has completed a major security overhaul following the record $1.5 billion hack earlier this year.
Zhou noted that Bybit strengthened its hot and cold wallet systems, subjected its reserves to independent audits by Hacken and other third parties, and implemented regular proof-of-reserve reporting.
“We experienced what turned out to be the largest hack in history… But from both a systems perspective and an internal operations standpoint, we took a lot of action. And I believe that through this, the industry has become stronger, and so has Bybit.”
Ben Zhou, Co-Founder and Co-CEO, Bybit
Other keynote highlights:
- Launched Bybit EU (MiCAR-compliant, HQ in Vienna); approvals in UAE and India.
- Introduced Megadrop airdrops, TradeGPT AI assistant, tokenized stocks (Apple, Tesla), bbSOL staking, Byreal DEX, liquidity upgrades (RPI).
- Deeper Mantle Network ties; push toward “On-chain Bybit.”
- Bybit Card hits 2M+ users; Bybit Pay expands in LATAM/SEA; new wealth program for $1M+ clients.
- Bybit App 5.0 launched with Lite mode, faster UI, OTC upgrades.
Stock Exchanges Call for Crackdown on Tokenized Stocks
The World Federation of Exchanges (WFE), representing the world’s largest stock exchanges, urged regulators to clamp down on tokenized stocks, warning that the blockchain-based assets pose risks to investors and threaten market integrity.
Tokenized equities are digital tokens that represent shares in companies but do not grant investors shareholder rights. Proponents argue they reduce costs, speed up settlement, and enable 24/7 trading.
In a letter to the U.S. Securities and Exchange Commission (SEC), the European Securities and Markets Authority (ESMA), and IOSCO’s Fintech Task Force, the WFE said such products mislead investors by “mimicking” stocks without offering the same protections.
“We are alarmed at the plethora of brokers and crypto-trading platforms offering or intending to offer so-called tokenised U.S. stocks.. These products are marketed as stock tokens or the equivalent to stocks when they are not.”
World Federation of Exchanges
Key concerns raised by WFE:
- Regulators should apply securities laws to tokenized assets.
- Clear legal frameworks for ownership and custody must be established.
- Tokenized products should not be marketed as equivalent to traditional stocks.
This article is published on BitPinas: Live Crypto Updates | Aug. 26, 2025
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