Ripple has announced a landmark pilot program with Mastercard, WebBank, and Gemini to test the use of its RLUSD stablecoin for credit card settlement on the XRP Ledger, marking a significant step in merging blockchain with mainstream payments.
The collaboration will see WebBank, issuer of the Gemini Credit Card, settle transactions using RLUSD — a regulated stablecoin backed 1:1 by cash and cash equivalents. The project aims to demonstrate how blockchain technology can enhance the efficiency, speed, and transparency of traditional payment systems without compromising regulatory safeguards.
Mainstreaming Blockchain Settlement
“Through our partnerships with Ripple, Gemini, and WebBank, we’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,” said Sherri Haymond, Global Head of Digital Commercialization at Mastercard.
If successful, the pilot would mark one of the first cases of a regulated U.S. bank settling mainstream credit card transactions using a regulated stablecoin on a public blockchain — a milestone in the convergence of traditional finance and digital assets.
From Days to Seconds
Traditional credit card settlement involves multiple intermediaries and typically takes several days to finalize. Ripple’s pilot proposes an instant, blockchain-based settlement layer, allowing value to move between issuer and network in real time, while maintaining the same consumer protections and compliance standards.
RLUSD’s Regulatory Edge
RLUSD, issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, meets strict reserve and transparency requirements. The stablecoin’s fully backed reserves and regulated structure make it suitable for institutional settlement.
Since its launch in late 2024, RLUSD’s circulating supply has grown to over $1 billion, reflecting early adoption in the payments and digital asset ecosystem.
Next Steps
Over the coming months, Ripple and its partners will begin onboarding RLUSD to the XRP Ledger, pending regulatory approval. Once complete, integration work will focus on embedding stablecoin settlement into Mastercard’s and WebBank’s existing transaction systems.
The initiative highlights how stablecoins and public blockchains are evolving from experimental tools into core financial infrastructure, potentially redefining how global payments are cleared and settled.
