Ripple, a financial technology company that offers crypto solutions for businesses, today announced a collaboration with Mastercard, WebBank, and Gemini. Together they’ll explore the use of Ripple USD (RLUSD) on the XRPL, a public blockchain built for fast and secure payments, to support stablecoin settlement of fiat card transactions.
The initiative is designed to enable RLUSD, operating on the XRPL, to facilitate blockchain-based settlement processes 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 Commercialization at Mastercard. Guided by our commitment to consumer choice and a principled approach to stablecoins — one that emphasizes strong consumer protections, a level playing field, and full regulatory compliance — we’re enabling settlement today while exploring how stablecoins can support future use cases.”
Once 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 also expands on Ripple’s existing work with Gemini and WebBank on the Gemini Credit Card, which launched an XRP edition earlier this year and serves as a model for how digital assets can be integrated into traditional payment programs.
“Banks are uniquely positioned to bridge innovative blockchain technology with the stability of the traditional financial system,” said Jason Lloyd, President and CEO, WebBank. “Our collaboration with Mastercard, Gemini, and Ripple, allows us to explore how stablecoins like RLUSD can make institutional payments faster and more efficient while maintaining the security and dependability customers expect from banks.”
“Through the Gemini Credit Card, we’re advancing the way that digital assets are integrated into everyday spending,” said Dan Chen, Chief Financial Officer at Gemini. “In this next phase of the collaboration, we’re demonstrating how stablecoin settlement can be applied to an active card program, connecting blockchain innovation to real consumer payments.”
“Financial institutions around the world are increasingly recognizing the value of blockchain and stablecoins in modernizing how money moves,” said Monica Long, President of Ripple. “This partnership is a meaningful step toward showcasing how regulated digital assets like RLUSD can enhance settlement, paving the way for other card programs to adopt stablecoins for faster, compliant payments. The XRPL will serve as the backbone for these and other institutional use cases that are transforming how financial services operate.”
With low costs, fast processing, and a decade of reliable performance, the XRPL offers a trusted 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 fully backed by cash and cash-equivalent reserves. Since launching in late 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 months, the partners will conduct initial RLUSD onboarding on the XRPL, subject to obtaining the required regulatory approvals, and begin integration planning within existing Mastercard and WebBank settlement processes.
