Key facts
- Girin Card, an XRPL-native self-custody crypto payment card, has obtained a Money Services Business (MSB) registration from FinCEN.
- The license permits compliant conversion and settlement of crypto assets, including XRP and RLUSD, for real-world payments.
- This regulatory milestone is expected to facilitate banking relationships and institutional partnerships for Girin Labs.
- The Girin Card, launched in March, enables spending of XRP and RLUSD at over 130 million merchants globally.
- XRP price has fallen to the $1 support level, with futures open interest increasing significantly.
Girin Labs has achieved a significant regulatory milestone with its XRPL-native, self-custody crypto payment card, Girin Card, securing a Money Services Business (MSB) registration from the U.S. Treasury’s FinCEN. This approval, granted under the Bank Secrecy Act’s AML/CTF framework, allows the card to process real-world payments using XRP and RLUSD, marking a crucial step towards integrating XRPL into everyday spending and establishing institutional partnerships.
Girin Card, introduced in March, functions as a Visa-powered card enabling users to spend XRP and RLUSD at over 130 million merchants across more than 150 countries. The company plans to offer enterprise-grade APIs and white-label payment infrastructure, allowing partners to launch their own card programs on the established XRPL rails.
In separate news impacting XRP, the cryptocurrency's price has fallen to the $1 psychological level. This decline occurred as the odds for passing the Clarity Act decreased, despite White House crypto advisor Patrick Witt's commitment to its passage in September. The SEC is also planning a meeting to consider new rules for crypto investment contracts. XRP's Relative Strength Index has dropped to 30.77, approaching oversold territory. Meanwhile, XRP futures open interest has surged by over 8% to $2.77 billion in the past 24 hours, potentially linked to the XRPL 3.3.0 upgrade and new options targeting a potential bull market recovery.