Ripple just made one of its biggest moves yet in bringing blockchain to everyday finance. On November 5, during Ripple Swell 2025 in New York, the blockchain giant announced a partnership with Mastercard, WebBank, and Gemini to enable stablecoin settlement using Ripple USD (RLUSD) on the XRP Ledger (XRPL). The move could reshape how fiat payments are settled worldwide.
At the heart of this collaboration is Ripple’s dollar-backed stablecoin, RLUSD. The partnership aims to bring RLUSD into Mastercard’s global payments network, using the XRPL to process settlement between WebBank, the issuer of Gemini’s Credit Card, and Mastercard.
This means transactions made using the Gemini Credit Card could soon settle via Ripple’s stablecoin instead of traditional banking rails.
Meanwhile, Ripple President Monica Long called this collaboration a “meaningful step” toward modernizing how money moves. By combining blockchain efficiency with Mastercard’s reach and WebBank’s banking infrastructure, RLUSD could showcase how stablecoins can operate securely within regulated financial systems.
This collaboration marks one of the first times a U.S. bank will use a regulated stablecoin to settle card transactions on a public blockchain.
Mastercard’s Sherri Haymond noted that the company is using its global payments network to test how stablecoins can become part of mainstream finance, but always with strong consumer protection and full regulatory oversight.
WebBank CEO Jason Lloyd added that banks are in the best position to connect blockchain innovation with the reliability people expect from traditional finance.
Ripple’s ambition goes beyond this partnership. RLUSD, already backed 1:1 by U.S. dollars and regulated by the NYDFS, has crossed $1 billion in circulation since 2024. It’s now being integrated into cross-border payments, DeFi platforms, and institutional finance.
Given the stablecoin market’s rapid growth, currently valued at $305 billion in the U.S. and projected to reach $4 trillion by 2030, such collaborations could drive significant changes in cross-border payments and card settlement landscapes.
If successful, this experiment could signal a turning point, where stablecoins like RLUSD quietly become the new backbone of how the world settles money every day.
It’s a pilot using Ripple’s stablecoin, RLUSD, on the XRP Ledger to settle Gemini Credit Card payments through Mastercard’s network.
RLUSD enables faster, blockchain-based settlement between banks and payment processors, reducing friction in traditional card transaction flows.
It’s one of the first tests of a U.S. bank using a regulated stablecoin for card settlement on a public blockchain, showing real-world utility.
Yes. RLUSD is backed 1:1 by U.S. dollars and operates under U.S. regulatory oversight, designed to support secure and transparent transactions.
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