Ripple announced a major strategic collaboration with Mastercard, Webbank, and Gemini at the Ripple Swell 2025 event to pilot the use of RLUSD (Ripple’s US dollar–backed Stablecoin) on the XRP Ledger (XRPL) for settling traditional fiat card transactions.
The initiative connects Ripple's payment infrastructure with Mastercard's vast global network, with Webbank, the issuer of the Gemini Credit Card, playing a pivotal role. Sherri Haymond, Mastercard's Global Head of Digital Commercialization, stated the goal is to bring regulated, open-loop Stablecoin payments into the financial mainstream, emphasizing compliance and consumer protection. If deployed, this initiative would be among the first instances where a regulated U.S. bank uses a regulated Stablecoin to settle traditional card transactions on a public blockchain.
Jason Lloyd, Webbank President and CEO, highlighted the bank's unique ability to bridge blockchain technology with traditional finance. The collaboration aims to explore how RLUSD can significantly enhance the speed and efficiency of institutional payments while maintaining the reliability customers expect from established banking systems.
RLUSD, which is issued under a New York Department of Financial Services charter and is fully backed by cash and cash-equivalent reserves, has already surpassed $1 billion in circulation since its late 2024 launch. The integration of RLUSD onto the XRPL and into Mastercard/Webbank's existing settlement processes reinforces Ripple's ambition to be a central player in modernizing how money moves across global financial systems, subject to forthcoming regulatory approvals.
Posted Using INLEO