Ripple has announced a joint project with Mastercard, WebBank, and Gemini to use the Ripple USD (RLUSD) stablecoin for the first time in bank card settlements. Transactions will be processed through the public XRP Ledger network, designed for fast and low-cost payments.
The partners plan to use RLUSD as a settlement instrument between Mastercard and WebBank, the issuer of Gemini’s credit card. If successful, it would be one of the first instances of a regulated U.S. bank settling card transactions with a stablecoin on blockchain.
RLUSD is a U.S. dollar-backed stablecoin approved by the New York Department of Financial Services. Ripple says it is fully backed by reserves in cash and cash equivalents. Since its launch in late 2024, RLUSD’s circulation has surpassed $1 billion, driven by cross-border payments and DeFi adoption.
Ripple now aims to use it for settlements between Mastercard and WebBank. The project’s goal is to reduce transaction time and costs for interbank transfers without changing existing card infrastructure. XRPL will serve as the settlement layer, with RLUSD acting as a bridge between fiat currencies.
Partners on the Project
Sherri Haymond, Head of Digital Partnerships at Mastercard, said the company sees stablecoins as a way to integrate blockchain-based settlements into traditional financial processes.
“Through this partnership, we will bring regulated open stablecoin payments into the financial mainstream,” she noted.
WebBank CEO Jason Lloyd added that banks are uniquely positioned to combine the stability of traditional finance with the technological advantages of blockchain.
“This collaboration allows us to explore how stablecoins can make payments faster and more efficient while maintaining the safety and reliability customers expect from banks,” he said.
Gemini CFO Dan Chen described the project as a continuation of the company’s efforts to integrate digital assets into everyday payments. He said that using stablecoin settlements within an existing card program opens a new chapter for blockchain infrastructure in consumer transactions.
Ripple President Monica Long said the partnership with Mastercard, WebBank, and Gemini demonstrates how regulated digital assets can enhance payment systems. She added that XRPL will serve as the foundation for future projects expanding stablecoin adoption in the banking sector.
In the coming months, the companies will begin integrating RLUSD into Mastercard and WebBank’s systems and proceed with necessary regulatory approvals.
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