Ripple announced the collaboration during Ripple Swell 2025 event in New York, detailing a pilot that will use RLUSD on the XRP Ledger (XRPL) to facilitate blockchain-based settlement for fiat card transactions. The news follows Ripple announcing that it had raised $500 million on Wednesday.

The initiative, according to the release, connects Ripple’s payment infrastructure with Mastercard’s global network and Webbank’s role as issuer of the Gemini Credit Card. According to Mastercard’s Global Head of Digital Commercialization Sherri Haymond, the goal is to bring regulated, open-loop stablecoin payments into the financial mainstream.

“We’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,” Haymond said, emphasizing Mastercard’s focus on compliance and consumer protection. Once deployed, this will be among the first instances where a regulated U.S. bank settles traditional card transactions using a regulated stablecoin on a public blockchain.

The project builds upon Ripple’s prior work with Gemini and Webbank, following the launch of the Gemini Credit Card’s XRP edition earlier this year. Webbank President and CEO Jason Lloyd said banks have the unique ability to connect blockchain technology with traditional finance.

“Our collaboration with Mastercard, Gemini, and Ripple allows us to explore how stablecoins like RLUSD can make institutional payments faster and more efficient while maintaining the dependability customers expect from banks,” Lloyd said.

Gemini CFO Dan Chen noted that this phase demonstrates how stablecoin settlement can be applied to active card programs. “Through the Gemini Credit Card, we’re advancing how digital assets are integrated into everyday spending,” Chen said.

Ripple President Monica Long said the partnership highlights how stablecoins can enhance settlement across financial systems. “Financial institutions around the world are increasingly recognizing the value of blockchain and stablecoins in modernizing how money moves,” Long said.

RLUSD, issued under a New York Department of Financial Services charter and fully backed by cash and cash-equivalent reserves, has surpassed $1 billion in circulation since launching in late 2024. The next phase will involve onboarding RLUSD to XRPL and integrating it within Mastercard and Webbank’s settlement processes, pending regulatory approval.

• What is RLUSD?
  RLUSD is Ripple’s U.S. dollar–backed stablecoin built on the XRP Ledger for fast, secure transactions.
• Who is involved in this partnership?
  Ripple, Mastercard, Webbank, and Gemini are jointly exploring RLUSD settlement for fiat payments.
• Why is this collaboration significant?
  It marks one of the first regulated stablecoin settlement pilots for card transactions by a U.S. bank.
• When will RLUSD integration begin?
  Onboarding is expected to start in the coming months, subject to regulatory approval.

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