Mastercard has partnered with Ripple, Gemini, and WebBank to pilot RLUSD stablecoin settlements for credit card transactions on the XRP Ledger. The companies announced the initiative at Ripple's Swell 2025 event on Wednesday.
WebBank will test settling Mastercard transactions using RLUSD on XRPL. The pilot marks one of the first times a regulated U.S. bank settles traditional card payments using a regulated stablecoin on a public blockchain, according to the companies.
RLUSD launched in December 2024 under New York's Trust Charter with full backing by cash and cash equivalents. Ripple reports the stablecoin has already surpassed $1 billion in circulation.
Benefits of the Stablecoin Settlement Pilot
Ripple President Monica Long stated that the goal of this initiative is to bring blockchain speed and efficiency to payment flows that consumers already utilize. The technology has the potential to replace traditional settlement rails, which currently take one to three days to clear transactions between merchant banks and card issuers.
Existing Partnerships and Future Rollout
WebBank currently issues Gemini's credit card, which already features an XRP edition as part of the existing Ripple partnership. Gemini also offers a Solana edition of the card, providing up to 4% back in Solana token rewards.
The companies plan to begin onboarding RLUSD to XRPL in the coming months, subject to regulatory approvals. Fernando Vazquez, President of Capital Markets at Chainlink Labs, highlighted that this development enables real-time settlement, which is particularly beneficial for cross-border payments.
Mastercard's Expanding Digital Asset Collaborations
Mastercard has been actively expanding its digital asset partnerships. In June, the company collaborated with Chainlink to facilitate direct on-chain crypto purchases through secure fiat-to-crypto conversion. Additionally, Mastercard announced on Wednesday a partnership with Humanity Protocol to enhance access to open finance technology.