Ripple has announced a collaboration with Mastercard, WebBank, and Gemini to explore the use of Ripple USD (RLUSD) on the XRP Ledger (XRPL), a public blockchain designed for fast and secure payments.
The initiative aims to test RLUSD as a stablecoin for settling fiat card transactions between Mastercard and WebBank, the issuer of the Gemini Credit Card.
“Through our partnerships with Ripple, Gemini, and WebBank, we’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,”
said Sherri Haymond, Global Head of Digital Commercialisation at Mastercard.
“Guided by our commitment to consumer choice and strong regulatory compliance, we’re enabling settlement today while exploring how stablecoins can support future use cases.”
If implemented, this will be among the first collaborations where a regulated US bank settles traditional card transactions using a regulated stablecoin on a public blockchain.
The project builds on Ripple’s ongoing work with Gemini and WebBank on the Gemini Credit Card, which earlier introduced an XRP edition.
“Banks are uniquely positioned to bridge blockchain technology with the traditional financial system,”
said Jason Lloyd, President and CEO of WebBank.
“Our collaboration allows us to explore how stablecoins like RLUSD can make institutional payments faster and more efficient while maintaining the security and reliability expected from banks.”
RLUSD is a US dollar–backed stablecoin issued under the New York Department of Financial Services (NYDFS) Trust Company Charter, fully backed by cash and cash-equivalent reserves.
Since its launch in late 2024, RLUSD has reached over US$1 billion in circulation, supported by DeFi platforms, Ripple’s cross-border payment solutions, and institutional users.
Over the coming months, the partners will begin initial RLUSD onboarding on the XRPL, subject to regulatory approvals, and plan its integration into Mastercard and WebBank’s settlement processes.
Featured image credit: Edited by Fintech News Switzerland, based on image by user15041540 via Freepik
