The project will test how blockchain-based settlement can be used for traditional fiat card transactions. It could reshape how money moves between banks, payment networks, and consumers. A New Chapter in Stablecoin Payments Ripple’s stablecoin, RLUSD, operates on the XRP Ledger (XRPL), a public blockchain known for its speed, low cost, and reliability. Together with Mastercard and WebBank—the issuer of the Gemini Credit Card—the partners will test RLUSD’s ability to handle settlements between these financial players.
According to Mastercard’s Global Head of Digital Commercialization, Sherri Haymond, the initiative brings “regulated, open-loop stablecoin payments into the financial mainstream.” The company aims to uphold consumer protections and compliance standards while exploring how stablecoins can support future use cases.
The move follows a growing trend among major payment networks to experiment with blockchain. Visa, for example, has been piloting stablecoin settlements on the Ethereum blockchain. Ripple’s partnership with Mastercard adds another major player to the list of traditional financial firms embracing this technology.
Gemini, which launched an XRP edition of its credit card earlier this year, sees this collaboration as the next logical step. “We’re showing how stablecoin settlement can connect blockchain innovation to real consumer payments,” said Gemini CFO Dan Chen.
Ripple’s president, Monica Long, emphasized that RLUSD’s integration with Mastercard and WebBank showcases how stablecoins can enhance global payments while staying compliant with regulations. RLUSD, issued under New York’s strict regulatory framework, is fully backed by cash and cash equivalents—building confidence among institutions.