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Mastercard Ramps Up Crypto Deals
In its latest move into the digital asset market, Mastercard has turned to Ripple’s XRP-based stablecoin, XRP, to explore potential use cases. The companies would test XRPL for fiat card transactions, marking the first on a public blockchain.
XRP Ledger is a decentralized open-source blockchain for digital asset payments. In recent months, the ledger has attracted several financial firms seeking to float web3 offerings.
According to the announcement, fiat-based payments will also be processed using Gemini’s credit card. The three-way collaboration will see Ripple’s XRPL facilitate and settle payments between Mastercard and WebBank, the issuers of Gemini’s card.
This underscores Ripple’s importance in the future of cross-border payments, facilitating both crypto and traditional payment firms. WebBank launched an XRP form of Gemini’s card this year, making the partnership an addition to growing experiments to settle global payments.
 
Sherri Hammond, Mastercard’s Global Head of Digital Commercialization, lauded the move, adding that it brings faster regulated payments to mainstream finance.
“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. Guided by our commitment to consumer choice and a principled approach to stablecoins, one that emphasizes strong consumer protections, a level playing field, and full regulatory compliance- we’re enabling settlement today while exploring how stablecoins can support future use cases.”
WebBank’s CEO, Jason Lloyd, emphasized the importance of institutional investors, as banks often serve as the bridge for these clients. All firms identified stablecoins as a major driver of financial growth, with several programs already being floated.
Ripple’s launch of RLUSD fueled wider demand for stablecoin and a heated competition for market share. This year, a handful of banks and fintech firms have pitched stablecoin ideas with many in pilot phases. Wider exploration followed a change in government stance to adopt and legalize these assets.
The GENIUS Act in the United States, coupled with developments in Asia, set the template for other jurisdictions onboarding stablecoin issuers. Last month, Mastercard was in late-stage talks to acquire Zerohash for $2 billion, another big bet on the stablecoin market.