Ripple announced a new partnership with Mastercard, WebBank, and Gemini to explore using its U.S. dollar–backed stablecoin, RLUSD, for fiat-based payment settlements. The initiative will leverage the XRP Ledger (XRPL) to facilitate blockchain-based transactions for the Gemini Credit Card.
The collaboration aims to demonstrate how regulated stablecoins can streamline institutional payments while maintaining security and compliance. WebBank, the Gemini Credit Card issuer, will test stablecoin settlement between Mastercard and Ripple, marking one of the first such pilots involving a regulated U.S. bank.
Ripple said the effort underscores growing institutional adoption of blockchain for real-world finance. RLUSD, launched in 2024 and backed by cash and equivalents under NYDFS oversight, has already surpassed $1 billion in circulation and continues to expand across DeFi and payment applications.