Ripple has announced a collaboration with Mastercard, WebBank, and Gemini to test the use of Ripple USD for settling fiat card transactions. The project will explore how RLUSD, operating on the XRP Ledger (XRPL), can support blockchain-based settlement between Mastercard and WebBank, the issuer of the Gemini Credit Card.
RLUSD is issued under the New York Department of Financial Services (NYDFS) Trust Company Charter and backed by cash and cash-equivalent reserves. Launched in late 2024, the stablecoin has reached more than USD 1 billion in circulation, driven by use across decentralised finance platforms, Ripple’s cross-border payment services, and institutional applications.
Exploring stablecoin settlement on XRPL
According to representatives from Mastercard, the initiative will examine how regulated stablecoins can be integrated into established payment systems while maintaining consumer protection and compliance standards. The company views the trial as an opportunity to explore future use cases for blockchain-based settlement within its global network.
WebBank officials said the collaboration offers a chance to assess how stablecoins such as RLUSD could make institutional payments more efficient while retaining the security associated with traditional banking. They emphasised that banks are in a strong position to link blockchain technology with existing financial infrastructure.
Gemini representatives noted that the project builds on its earlier cooperation with Ripple and WebBank around the Gemini Credit Card, which introduced an XRP-linked version earlier in 2025. The stablecoin pilot, they said, extends that work by applying blockchain settlement to an active consumer payments programme.
Officials from Ripple described the partnership as part of an effort to demonstrate how regulated digital assets can improve settlement processes for card payments. The XRPL, which underpins the initiative, is designed for rapid and low-cost transactions and has operated for over a decade as the network supporting XRP.
Initial onboarding of RLUSD on XRPL is expected to begin in the coming months, pending regulatory approval, alongside technical integration into Mastercard and WebBank’s existing settlement frameworks.
