Partnerships & Initiatives - Ripple partnered with Mastercard, WebBank, and Gemini [1] - Pilot program for credit card settlements using RLUSD [1]

Core Insights - Ripple is partnering with Mastercard and Gemini to enable stablecoin payments for credit card transactions, specifically using the RLUSD stablecoin on Ripple's XRPL blockchain [1][5] - Mastercard is integrating regulated stablecoins into its global payments network, emphasizing consumer choice and safety, while exploring future blockchain applications [2] - The stablecoin market has grown 48% to a valuation of $305 billion, with expectations to reach $4 trillion by 2030, attracting institutional interest from major financial players [3] Partnership Details - The partnership allows purchases with a Gemini-branded credit card to be settled using RLUSD, with WebBank as the issuer [1][5] - This collaboration marks one of the first instances of a US bank settling credit card transactions using stablecoins on a public blockchain [5] Market Trends - The US government has adopted a more favorable stance towards digital assets, leading to regulatory easing and the signing of a landmark stablecoin bill [2] - Major financial institutions, including Zelle, Western Union, and Wells Fargo, are looking to engage with stablecoins [3] Company Developments - Mastercard is reportedly in late-stage talks to acquire stablecoin startup Zerohash for up to $2 billion [4] - Ripple's RLUSD stablecoin is backed by US dollar deposits, short-term US Treasuries, and cash equivalents, and is being integrated into Ripple's various business operations, including GTreasury [6] Industry Education - GTreasury's CEO expressed a commitment to educating clients on the benefits of stablecoins in treasury management during Ripple's Swell conference [7]

Ripple partners with Mastercard, WebBank, and Gemini to enable $RLUSD credit card payments on the XRP Ledger ...

Core Insights - Ripple is collaborating with Mastercard, WebBank, and Gemini to explore the use of its dollar-backed RLUSD stablecoin for settling fiat credit card transactions on the XRP Ledger [1] - The initiative is contingent on obtaining regulatory approvals, with plans to begin RLUSD onboarding in the coming months [2] - The integration of RLUSD aims to enhance the efficiency and speed of the settlement process for credit card transactions [3][4] Company Developments - The partnership includes the use of RLUSD for all Gemini Credit Cards, including those linked to Bitcoin and Solana, potentially streamlining the settlement process [3] - Ripple's RLUSD stablecoin has a market cap of over $1 billion, making it the 11th largest stablecoin by market capitalization [4] - Ripple raised $500 million at a valuation of $40 billion, indicating strong investor confidence [5] Regulatory Context - Regulatory approval is emphasized as a critical component of the initiative, ensuring compliance with applicable frameworks [2] - The stablecoin is regulated by the New York Department of Financial Services (NYDFS) and is primarily custodied by BNY Mellon [5] Market Position - The RLUSD stablecoin was launched in December and has since expanded its use, including integration into Securitize's platform for institutional applications [4][5] - The Ripple-linked XRP token has experienced a 2.6% decrease in value over the last 24 hours, trading at $2.26 [5]

Partnerships & Initiatives - Ripple is collaborating with Mastercard, WebBank, and Gemini to introduce $RLUSD settlement on the XRP Ledger [1] - The collaboration aims to facilitate fiat credit card payments, starting with the Gemini XRP Credit Card [1] Technological Advancement - The initiative sets a new benchmark for institutional efficiency in traditional finance [1] - The new benchmark enables faster, compliant, and more transparent settlement [1] Industry Impact - The initiative represents the future of payments [1]

Core Insights - Ripple is collaborating with Mastercard, WebBank, and Gemini to test the use of its RLUSD stablecoin for settling fiat credit card transactions on a public blockchain [1][4] - The initiative aims to demonstrate how regulated stablecoins can enhance traditional financial infrastructure while maintaining compliance and safety [1][4] Group 1: Project Overview - The project utilizes the XRP Ledger (XRPL) and RLUSD, a U.S. dollar-backed stablecoin introduced by Ripple in December 2024, which is fully backed by cash and cash equivalents and has surpassed $1 billion in circulation [2] - WebBank, the issuer of the Gemini Credit Card, will explore settling Mastercard transactions using RLUSD on the XRPL, marking a potential first for a regulated U.S. bank to settle traditional card payments with a regulated stablecoin on a public blockchain [3] Group 2: Implementation and Impact - The onboarding of RLUSD to the XRPL is set to begin in the coming months, pending regulatory approvals, and if successful, could serve as a model for other card programs considering blockchain-based settlement [4] - The pilot aims to replace slower and more expensive settlement processes currently used by banks, potentially allowing for near-instant fund transfers, especially for cross-border transactions [5] Group 3: Industry Context - Mastercard has previously explored stablecoin payments and views this project as part of its broader strategy to integrate regulated digital assets into its global network [6] - Ripple and Gemini have collaborated earlier this year on an "XRP edition" of the Gemini Credit Card, indicating ongoing partnerships in the digital asset space [6]

Credit Card Details - Gemini Credit Card 由 WebBank 发行 [1] - 符合条件的消费在 4% 返现类别下，每月消费 300 美元以内可获得 4% 的返现（之后降至 1%）[1]

Credit Card Details - Gemini Credit Card 由 WebBank 发行 [1] - 符合条件的消费在 4% 返现类别中，每月消费 300 美元以内可获得 4% 的返现（之后降至 1%）[1]

@Gemini The Gemini Credit Card is issued by WebBank. All qualifying purchases under the 4% category earns 4% back on up to $300 in spend per month (then 1% thereafter). #geminipartnerhttps://t.co/8BV9dvzBHU ...

Financial Data and Key Metrics Changes - The company reported a 123% year-over-year increase in revenue, reaching $104.9 million, and a 286% year-over-year growth in adjusted net income to $36.1 million [18][10][24] - The gross margin for the quarter was 70.4%, with a net income margin of 34.5% [10][24] - Cash and cash equivalents increased by $15.7 million quarter-over-quarter, with cash from operations growing nearly $20 million year-over-year to $58.8 million [25][24] Business Line Data and Key Metrics Changes - Gross Merchandise Volume (GMV) rose 64% year-over-year, significantly outpacing the overall Buy Now Pay Later (BNPL) industry [8] - Monthly on-demand users and subscribers (referred to as mods) grew by 77% year-over-year to 658,000 [8][15] - The average quarterly purchase frequency increased from 4.5 to 6.1 times per quarter, indicating stronger consumer engagement [16] Market Data and Key Metrics Changes - The company continues to represent less than 10% of the overall payments market, indicating significant growth potential within the BNPL sector [4] - The take rate increased to 13% at GMV, reflecting improved monetization strategies [20] Company Strategy and Development Direction - The company is focusing on expanding its product offerings, including new features like Pay in Five and auto couponing, aimed at enhancing consumer experience and retention [12][56] - There is a strategic push towards enterprise-level merchants and new categories such as grocery and bills, which have been slower to adopt BNPL solutions [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive despite economic uncertainties, highlighting the demand for flexible payment options during challenging times [4][26] - The company raised its 2025 guidance for net income by nearly 50% to $120 million and adjusted EPS from $2.21 to $3.25, reflecting strong performance and market conditions [9][25] Other Important Information - The company announced a $50 million share repurchase program and completed a six-for-one stock split to enhance liquidity [13] - The partnership with WebBank has begun to show significant benefits, contributing to improved revenue yield and operational efficiency [39] Q&A Session Summary Question: Can you tell us about your funnel of new merchants? - The company is focusing on enterprise-level merchants while also maintaining a mid-sized funnel, with a push into new categories like grocery and bills [28][30] Question: What is the frequency or optimism you're seeing from on-demand products? - Monthly sequential growth indicates strong performance, with a lower barrier to entry for users, enhancing the potential for upselling subscription products [32][33] Question: Can you quantify the financial benefit from the WebBank partnership? - The partnership has improved revenue yield as a percentage of GMV, with operational efficiencies realized across various states [39] Question: How is the company managing credit quality? - The company is maintaining profitability levels while being open to higher costs, ensuring gross margins are preserved [48][50] Question: Can you describe the new features like Pay in Five and auto couponing? - Pay in Five allows for an additional payment option, while auto couponing aims to enhance customer loyalty by providing unexpected savings [52][56]