Mastercard Tests Ripple’s RLUSD Settlements on XRP Ledger

• Ripple said at Swell 2025 it is working with Mastercard, WebBank and Gemini to settle credit card flows using RLUSD on the XRP Ledger.
• It would be one of the first times a regulated U.S. bank processes fiat card settlements with a regulated stablecoin on a public chain.
• XRP traded near $2.35 and analysts said real institutional payment rails like this can lift long term utility and demand.

Ripple entered a high profile collaboration with Mastercard, WebBank and Gemini to bring stablecoin based credit card settlements to the XRP Ledger using RLUSD. 

The plan, revealed during Ripple Swell 2025 in New York, is to let Mastercard and WebBank ettle card transactions faster and with less friction by using Ripple’s NYDFS-regulated stablecoin, RLUSD, as the settlement asset. This is one of the clearest examples of blockchain infrastructure being plugged directly into traditional card rails, which strengthens Ripple’s pitch to institutions.

RLUSD Settlement Turns XRPL Into A Card-Grade Payment Rail

The initiative focuses on using RLUSD to settle between Mastercard and WebBank, the issuer of the Gemini credit card, over XRPL. Once live, it would rank among the first instances of a regulated U.S. bank handling fiat card settlement over a public blockchain with a regulated stablecoin. This shows that XRPL’s speed and finality can support real financial traffic, not just crypto transfers, and it narrows the gap between on chain rails and bank pipes.

Ripple said the move highlights its growing influence inside modern payment systems. By using XRPL’s low cost and fast confirmations, banks can reduce intermediaries, improve liquidity timing and gain more transparent settlement data. This makes XRPL more than a token network and positions it as a settlement backbone that regulated finance can actually use. 

RLUSD itself is backed by cash and cash equivalent reserves under a New York Department of Financial Services regime and has already crossed $1 billion in circulation. The scale matters because it proves there is enough regulated stablecoin float to support card level settlement. It also pushes more volume across the XRP Ledger, which lifts the whole ecosystem.

Related: XRP Ledger RWA Market Jumps 215% As Compliance Tools Land; ETF Hopes Build

Partnership Extends Mastercard’s Regulated Blockchain Push

This collaboration builds on earlier work between Ripple, Gemini and WebBank to bring digital assets into banked products. It also fits Mastercard’s longer program to modernize its network with compliant blockchain solutions instead of unregulated tokens. That is why this tie up is significant for banks watching the space. It shows that regulated card brands are willing to test public chain settlement when the asset, the issuer and the participants are all inside compliance.

Ripple President Monica Long said XRPL’s scale plus RLUSD’s compliance design can give financial institutions an efficient, transparent settlement track. If this pilot proves smooth, it gives other banks a pattern to follow, which could multiply XRPL anchored settlement use cases across regions. That would push more institutional activity onto XRP infrastructure.

Analysts Say XRP Utility Story Gets Stronger

After the announcement traders started to look at what this means for XRP price over time. Market watchers such as Income Sharks said short term volatility may still give entries near recent levels for traders who missed XRP below $2. XRP is trading around $2.35, up 6% on the day, with a market cap near $145 billion.

Related: Ripple’s XRP Escrow Debate Resurfaces as Analysts Question Control and Circulation