Uphold teases XRP yield and relaunching crypto debit card in US

Uphold said on Friday that it is exploring ways of unlocking yield on XRP, including testing staking through Flare Network, according to a post to X .

"Welcome to the world of smart contracts and DeFi opportunities, #XRPArmy," Uphold said in its post. "Stay tuned for the beta."

In late 2023, Uphold launched the self-custody wallet Vault, which initially supported XRP token. Flare Network is an EVM-compatible Layer 1 blockchain aimed at enhancing interoperability and data accessibility across multiple chains. The project's total value locked recently spiked after the launch of USDT0, an omnichain version of the USDT stablecoin, on the blockchain.

Uphold also said it will be relaunching its Uphold crypto debit card, currently only available in the UK, in the United States. Uphold's cards, available in both virtual and physical form, allow users to spend digital assets held in their wallet.

The company appears to be following many others in crypto hoping to take advantage of the friendly regulatory environment to take hold in the U.S. since President Donald Trump took office. In March, Uphold "reinstated" staking rewards for U.S. customers across 19 different digital assets including Ethereum, Solana, and NEAR. 

“Staking is a vital part of blockchain governance and the on-chain economy. Users should absolutely be able to support this activity and earn from that support," Uphold CEO Simon McLoughlin said at the time, according to a statement. "With the new blockchain-forward environment in the U.S., we’re delighted to offer staking services to our U.S. customers once again.”

Uphold also said Friday that direct deposits "with rewards" is also coming to the U.S. through its new "Direct Salary Deposit feature combined with the industry’s first 4% XRP-back offer," it said in a statement . The company also said "users can earn 5% rewards on RLUSD, the Ripple USD stablecoin."