Ripple and Mastercard Announce Blockchain-Based Payment Settlement Initiative
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Ripple recently unveiled an exciting partnership with Mastercard at the Ripple Swell 2025 event in New York. The collaboration will pilot the use of RLUSD, a stablecoin, on the XRP Ledger (XRPL) to enable blockchain-based clearance for fiat card payments.
This announcement came just after Ripple revealed a significant $500 million funding raise earlier in the week.
Bringing Stablecoins to Traditional Payment Systems
The initiative aims to integrate Ripple’s payment infrastructure with Mastercard’s vast global network, alongside WebBank’s involvement in issuing the Gemini Credit Card.
To this end, Sherri Haymond, the Global Head of Digital Commercialization of MasterCard, has highlighted that the goal of this joint effort is to bring regulated, open-loop stablecoin payments into the traditional financial system. With a focus on compliance and consumer protection, Mastercard plans to use its extensive payment network to drive this vision forward.
Once fully deployed, the project will be one of the first to have a regulated U.S. bank settle card payments using a legal stablecoin on a public ledger .
Modifying Conventional Banking with Blockchain Technology
Though this initiative builds on Ripple’s earlier collaborations with Gemini and WebBank, including the launch of the XRP-powered Gemini Credit Card. Jason Lloyd, president and CEO of WebBank, has emphasized that banks are uniquely positioned to link blockchain technology to traditional finance. Additionally, he believes that stablecoins like RLUSD could make institutional payments very easy while maintaining reliable service to customers.
Gemini’s CFO, Dan Chen, echoed this sentiment, noting that the project represents a significant step forward in incorporating stablecoin settlements into active card programs. “The Gemini Credit Card is helping advance the use of digital assets in transactions on the daily basis,” Chen said.
Moreover, Ripple President Monica Long has also expressed confidence in the partnership’s potential to revolutionize financial systems. In her speech, she noted that global financial institutions are increasingly recognizing the role of blockchain and stablecoins in transforming how money transits.
Finally, RLUSD, which is issued under a New York Department of Financial Services charter and fully backed by cash reserves, has already reached over $1 billion in circulation since its launch in late 2024. To this end, the next phase of the project will involve integrating RLUSD with XRPL and incorporating it into Mastercard and WebBank’s settlement processes, contingent on regulatory approval.
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