Ripple is teaming up with Mastercard (MA), WebBank and crypto exchange Gemini (GEMI) to test the use of its RLUSD stablecoin to settle fiat credit card transactions over a public blockchain.
The initiative, announced at Ripple’s Swell 2025 event on Wednesday, aims to show how regulated stablecoins can streamline traditional financial infrastructure without sacrificing compliance or security.
At the center of the project is the XRP Ledger (XRPL), a decentralized payment network, and RLUSD – a US dollar-backed stablecoin introduced by Ripple in December 2024 under a New York Trust Charter. The asset is fully backed by cash and liquid assets, and Ripple says it has already surpassed $1 billion in circulation.
In the pilot project, WebBank, the issuer of the Gemini credit card, will investigate the settlement of Mastercard transactions using RLUSD on XRPL. If implemented, this would be one of the first cases of a regulated US bank settling traditional card payments using a regulated stablecoin on a public blockchain.
The companies will begin onboarding RLUSD to XRPL in the coming months, pending regulatory approvals. If successful, the effort could become a model for other card programs exploring blockchain-based settlement.
“The goal is to bring blockchain speed and efficiency into the back end of a payment flow that consumers already know – by swiping a credit card,” said Monica Long, Ripple’s president.
In practical terms, the pilot could eventually replace slower and more expensive settlement rails that banks rely on today. For example, instead of waiting one to three days for a credit card transaction to clear between a merchant’s bank and a card issuer, a stablecoin like RLUSD can move money almost instantly, especially across borders.
Mastercard, which has explored stablecoin payments before, said the project is part of its broader effort to integrate regulated digital assets into its global network. Gemini and Ripple previously collaborated on an “XRP edition” of the Gemini credit card earlier this year.
DIRECTION (November 5, 17:34 UTC): Corrects the relationship between Ripple and XRP.
