Ripple, Mastercard, WebBank, and Gemini Pilot RLUSD Stablecoin Settlement on XRP Ledger

• Ripple, Mastercard, WebBank, and Gemini to pilot RLUSD stablecoin settlement on XRPL.
• First U.S. bank-led stablecoin card settlement aims for faster, compliant transactions.
• RLUSD circulation surpasses $1B as integration with Mastercard and WebBank advances.

Ripple has announced a partnership with Mastercard, WebBank, and Gemini to test the use of Ripple USD (RLUSD) on the XRP Ledger (XRPL) for settling fiat credit card transactions. The initiative, unveiled during Ripple Swell 2025, aims to demonstrate how blockchain-based stablecoin settlement can improve the speed and transparency of traditional payment processing.

The pilot involves integrating RLUSD, a U.S. dollar-backed stablecoin issued under the New York Department of Financial Services (NYDFS) Trust Company Charter, into Mastercard’s settlement framework. The program is designed to enable WebBank—the issuer of the Gemini Credit Card—to utilize RLUSD for the clearing and settlement of card transactions between banks and payment processors.

Integrating Blockchain into Regulated Payment Systems

According to Ripple, this collaboration could represent one of the first instances where a regulated U.S. bank settles fiat-denominated card payments using a regulated stablecoin on a public blockchain. The XRPL will serve as the settlement infrastructure, supporting low-cost, high-speed transactions while maintaining transparency and compliance.

Monica Long, President of Ripple, stated that the partnership illustrates how stablecoins can improve payment efficiency while adhering to regulatory standards. She emphasized that the XRPL’s decade-long operational record provides a tested foundation for such use cases.

Sherri Haymond, Mastercard’s Global Head of Digital Commercialization, said the company’s role centers on integrating stablecoins into established financial frameworks. She noted that Mastercard remains focused on maintaining consumer protections, equal market access, and full regulatory compliance as it experiments with new forms of settlement.

Institutional Participants Outline Broader Payment Goals

WebBank President and CEO Jason Lloyd said the partnership showed how banks can bridge blockchain technology and traditional financial systems. He added that using RLUSD could facilitate institutional payments more quickly and efficiently without compromising security.

Gemini’s Chief Financial Officer, Dan Chen, explained that the collaboration builds on the Gemini Credit Card program, which introduced an XRP-branded edition earlier in 2025. The next phase focuses on applying stablecoin settlement to real-world consumer transactions, linking digital asset innovation with mainstream spending.

The partners plan to begin initial RLUSD onboarding on the XRPL once regulatory clearance is obtained. Integration with Mastercard and WebBank’s existing systems is expected to follow in subsequent phases. RLUSD currently exceeds $1 billion in circulation, supported by adoption across decentralized finance platforms and Ripple’s cross-border payment solutions.