Ripple has announced a collaboration with Mastercard (NYSE:MA) , WebBank, and Gemini (NASDAQ:GEMI). Together they’ll explore the use of Ripple USD (RLUSD) on the XRPL, a public blockchain built for efficient payments, in order support stablecoin settlement of fiat card transactions.
The initiative is supposed to enable RLUSD, operating on the XRPL, to facilitate blockchain-powered settlement processes between Mastercard and WebBank, which is currently the issuer of the Gemini Credit Card.
Sherri Haymond, Global Head of Digital Commercialization at Mastercard said that they are guided by their commitment to consumer choice and a principled approach to stablecoins—one that “emphasizes strong consumer protections, a level playing field, and regulatory compliance—they’re enabling settlement today while exploring how stablecoins can support future use cases.”
After it has been implemented, this will mark one of the “first” collaborations where a regulated U.S. bank “settles traditional card transactions using a regulated stablecoin on a public blockchain.”
This effort expands on Ripple’s work with Gemini and WebBank on the Gemini Credit Card, which launched “an XRP edition and serves as a model for how digital assets can be integrated into traditional payment programs.”
Dan Chen, Chief Financial Officer at Gemini said that in this next phase of the collaboration, they’re demonstrating “how stablecoin settlement can be applied to an active card program, connecting blockchain innovation to real consumer payments.”
With low costs, fast processing, and reliable performance, the XRPL offers a foundation for digital payments.
XRP, the digital currency that powers the XRPL, continues to play a key role, helping “keep the network secure and enabling efficient transactions as newer assets like RLUSD expand its use.”
RLUSD is a U.S. dollar–backed stablecoin issued “under the New York Department of Financial Services (NYDFS) Trust Company Charter and backed by cash and cash-equivalent reserves.”
Since launching in 2024, RLUSD has grown “to over $1 billion in circulation, supported by adoption across DeFi platforms, Ripple’s cross-border payment solution, and institutional partners.”
In the coming ahead, the partners will reportedly carry out initial RLUSD onboarding on the XRPL, which is said to be subject to obtaining the required regulatory approvals, and start integration planning “within existing Mastercard and WebBank settlement processes.”
