- Mastercard teams with Ripple and Gemini to explore RLUSD stablecoin for fiat settlement on the XRP Ledger.
- WebBank joins the RLUSD initiative, linking regulated banking with blockchain payment systems for faster settlements.
- Mastercard expands its Web3 ties with Chainlink and Humanity Protocol to advance compliant digital finance solutions.
Mastercard has joined forces with Ripple and Gemini to explore the use of the RLUSD stablecoin on the XRP Ledger (XRPL) for settling traditional credit card transactions. The initiative, revealed on Wednesday, could be one of the first instances where a regulated U.S. bank completes fiat settlements on a public blockchain using a compliant, dollar-backed stablecoin. According to a joint statement, the project aims to test blockchain’s role in modernizing payment rails while ensuring compliance with existing financial regulations.
Mastercard Expands Its Blockchain Footprint
The partnership shows Mastercard’s continued efforts to integrate blockchain-based infrastructure into its payment systems. By testing RLUSD on the XRPL, the firm seeks to evaluate whether stablecoins can streamline fiat settlements between banks and merchants. Notably, WebBank, the issuer behind Gemini’s crypto credit cards, is also participating in the RLUSD settlement framework.
The XRP Ledger, maintained by the global Ripple community, is an open-source blockchain built for fast, low-cost transactions. Ripple acts as its leading developer and advocate. The use of XRPL could enable near-instant settlement between card issuers and processors, reducing reliance on traditional intermediaries.
Gemini Uses Its Credit Card Network
Gemini, founded by Cameron and Tyler Winklevoss, continues to expand its credit card offerings integrated with blockchain payment systems. The company already issues an XRP edition of its credit card through WebBank and recently launched a Solana version that offers up to 4% in token rewards.
According to Gemini’s Chief Financial Officer Dan Chen, the company’s focus is to integrate digital assets into routine consumer spending. The inclusion of RLUSD as a settlement layer aligns with this objective, allowing stablecoin transactions to back conventional card payments in a regulated environment.
Mastercard’s Broader Web3 Engagement
The collaboration comes as Mastercard strengthens ties with blockchain and fintech providers. In June, the firm partnered with Chainlink to enable direct onchain crypto purchases through secure fiat-to-crypto conversions.
On the same day as the RLUSD announcement, Mastercard also disclosed a partnership with Humanity Protocol, a digital identity provider. The two firms plan to use open finance technology to expand access to credit, loans, and real-world financial services.
Together, these initiatives underline how Mastercard is testing blockchain tools to enhance payment infrastructure while maintaining regulatory compliance and interoperability across digital and traditional financial systems.
