In a groundbreaking move that bridges traditional finance and blockchain technology, Mastercard has announced a partnership with Ripple and Gemini to explore the use of RLUSD, a U.S. dollar–backed stablecoin, for settling fiat credit card transactions on the XRP Ledger (XRPL).
According to a joint statement released Wednesday, the initiative aims to test how regulated stablecoins can enhance efficiency and transparency in payment settlement systems. If successful, it could mark one of the first instances where a regulated U.S. bank settles traditional card transactions on a public blockchain using a compliant digital dollar.
The pilot involves WebBank, the issuer of Gemini’s credit card, which will play a central role in testing RLUSD-based settlement between cardholders, merchants, and financial intermediaries.
Through this collaboration, Mastercard seeks to expand its engagement with blockchain-based financial infrastructure.
“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,” the companies said in a joint statement.
Perspectives from Partners
Dan Chen, Chief Financial Officer at Gemini, said the partnership reflects the firm’s goal to make digital assets more accessible for everyday spending.
“Through the Gemini Credit Card, we’re advancing the way that digital assets are integrated into everyday purchases,” Chen said. The partnership underscores Mastercard’s growing role in the digital asset ecosystem.
Broader Industry Context
In June 2025, the company teamed up with Chainlink to enable consumers to purchase cryptocurrencies directly onchain through a secure fiat-to-crypto conversion system.
As the boundaries between traditional banking and blockchain continue to blur, Mastercard’s latest move could pave the way for a new era of stablecoin-based settlement in mainstream finance, bringing blockchain technology closer to everyday consumer payments.