Revolutionizing Fiat Card Transactions with Stablecoins
Ripple (XRP) has unveiled a significant collaboration at the Swell 2025 event, poised to bridge the gap between traditional finance and the cryptocurrency world. The company intends to launch blockchain-based payment processing for fiat card transactions utilizing the Ripple USD (RLUSD) stablecoin on the XRP Ledger (XRPL). This initiative is being undertaken in partnership with major players including Mastercard, WebBank, and Gemini.
This groundbreaking initiative is designed to facilitate blockchain-based payment settlements between Mastercard and WebBank. The process will operate on the RLUSD stablecoin's XRPL platform, with WebBank playing a central role as the issuer of the Gemini Credit Card.
Industry Leaders Comment on the Partnership
Sherri Haymond, Global Head of Digital Commercialization at Mastercard, articulated the partnership's objective: “Through our partnership with Ripple, Gemini, and WebBank, we are bringing regulated stablecoin payments into the financial mainstream using our global payment network. We are delivering real payment solutions today while exploring the future use cases of stablecoins, with strong consumer protections and full regulatory compliance.”
According to a press release, this development marks a historic milestone, signifying the first instance of a U.S.-regulated bank settling traditional card payments via a stablecoin on a public blockchain.
Jason Lloyd, President and CEO of WebBank, highlighted the potential for increased efficiency within the financial system through stablecoin integration: “This collaboration with Mastercard, Gemini, and Ripple demonstrates the potential of stablecoins like RLUSD to make corporate payments faster and more efficient. At the same time, we maintain the security and stability expected from banks.”
Dan Chen, Gemini CFO, emphasized the integral role of the Gemini Credit Card in this transformation: “We've demonstrated how digital assets can be integrated into everyday spending through the Gemini Credit Card. Now we're proving how stablecoin settlement can be implemented in an active card program.”
Ripple President Monica Long stated that this partnership is expected to serve as a model for other financial institutions: “Financial institutions around the world are realizing that blockchain and stablecoins are key to modernizing money transfers. Regulated digital assets like RLUSD offer compliant and secure payment solutions while streamlining settlement processes.”
XRPL's Role in the Collaboration
Ripple's public blockchain network, XRPL, will provide the essential technical infrastructure for this collaboration. Its capacity for low-cost, fast, and reliable transactions makes it an ideal platform for these advanced payment solutions.

