 
 
Ripple has teamed with global payments giant Mastercard, the Winklevoss twins-owned crypto exchange Gemini, and WebBank to test using its RLUSD stablecoin to settle traditional card payments on the XRP Ledger (XRPL).
Stablecoin Settlement On XRPL
The project, announced on Wednesday during Ripple’s Swell 2025, aims to demonstrate how regulated stablecoins can simplify traditional financial infrastructure without compromising compliance or safety.
“Once implemented, this will mark one of the first collaborations where a regulated U.S. bank settles traditional card transactions using a regulated stablecoin on a public blockchain,” per an official statement.
At the core of the initiative is the XRP Ledger, an open-source blockchain network mainly used for cross-border payments, and Ripple’s U.S. dollar-pegged stablecoin launched under a New York Department of Financial Services (NYDFS) Charter in December 2024.
Ripple, Mastercard, WebBank, and Gemini plan to begin onboarding RLUSD to the XRPL in the coming months, followed by integration planning within Mastercard’s and WebBank’s settlement processes, pending regulatory approvals.
 
During the pilot, WebBank, the issuer of Gemini’s Credit Card, will explore settling Mastercard transactions using RLUSD on the ledger. If successful, this would mark one of the first instances of a regulated U.S. bank settling fiat credit card transactions using a regulated stablecoin on a public blockchain.
“The goal is to bring blockchain speed and efficiency into the back-end of a payment flow consumers already know — swiping a credit card,” said Ripple president Monica Long.
The pilot comes as Mastercard deepens its ties with crypto companies. The company teamed up with Chainlink in June to let customers purchase crypto “directly on-chain through a secure fiat-to-crypto conversion.”
Meanwhile, Ripple announced on Wednesday that it had hit a $40 billion valuation following a new $500 million equity raise from Citadel Securities and Fortress Investment Group. The Ripple-promoted XRP cryptocurrency is up 4.1% on the day, trading at $2.31, according to CoinGecko data.