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Ripple’s RLUSD to Power Mastercard Credit Card Settlements on XRP Ledger
The pilot, unveiled at Swell 2025, positions regulated stablecoins like RLUSD as fast, compliant rails for fiat card payments.
Updated Nov 5, 2025, 5:34 p.m. Published Nov 5, 2025, 5:00 p.m.
What to know:
- Ripple, Mastercard, WebBank and Gemini are piloting stablecoin-based settlement for credit card transactions using RLUSD on the XRP Ledger.
- The test could mark one of the first times a regulated U.S. bank uses a public blockchain and stablecoin to settle fiat card payments.
- RLUSD has surpassed $1 billion in circulation and is regulated under New York’s Trust Charter.
Ripple is teaming up with Mastercard (MA), WebBank and crypto exchange Gemini (GEMI) to test using its RLUSD stablecoin to settle fiat credit card transactions over a public blockchain.
The initiative, announced at Ripple’s Swell 2025 event on Wednesday, aims to show how regulated stablecoins can streamline traditional financial infrastructure without sacrificing compliance or safety.
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At the center of the project is the XRP Ledger (XRPL), a decentralized payments network, and RLUSD — a U.S. dollar-backed stablecoin introduced by Ripple in December 2024 under a New York Trust Charter. The asset is fully backed by cash and cash equivalents, and Ripple says it has already surpassed $1 billion in circulation.
In the pilot, WebBank, the issuer of the Gemini Credit Card, will explore settling Mastercard transactions using RLUSD on the XRPL. If implemented, this would be one of the first instances of a regulated U.S. bank settling traditional card payments using a regulated stablecoin on a public blockchain.
The companies will begin onboarding RLUSD to the XRPL in the coming months, pending regulatory approvals. If successful, the effort could become a model for other card programs exploring blockchain-based settlement.
"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 Monica Long, Ripple’s president.
In practical terms, the pilot could eventually replace slower and more expensive settlement rails that banks rely on today. For example, instead of waiting one to three days for a credit card transaction to clear between a merchant’s bank and a card issuer, a stablecoin like RLUSD could move funds nearly instantly, especially across borders.
Mastercard, which has explored stablecoin payments before, said the project is part of its broader effort to integrate regulated digital assets into its global network. Gemini and Ripple previously collaborated on an “XRP edition” of the Gemini Credit Card earlier this year.
CORRECTION (Nov. 5, 17:34 UTC): Corrects relationship between Ripple and XRP.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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