Mastercard, Ripple, and Gemini Collaborate to Test XRPL Blockchain for Card Payments
- ByStartupStory | November 6, 2025
In a groundbreaking initiative announced at Ripple’s Swell 2025 event, payment giant Mastercard has partnered with blockchain leader Ripple and cryptocurrency exchange Gemini to pilot credit card transaction settlements using RLUSD, a fully regulated stablecoin operating on the XRP Ledger (XRPL). This initiative aims to revolutionize settlement backends by leveraging blockchain technology for faster, more efficient, and compliant card payment processes.
RLUSD is a U.S. dollar-backed stablecoin introduced by Ripple in December 2024 under regulatory oversight from New York State’s Trust Charter. The stablecoin is fully backed by cash and cash equivalents held in segregated accounts, providing institutional-grade security and compliance. It has already surpassed $1 billion in circulation, signaling strong adoption potential.
The pilot project involves WebBank, issuer of the Gemini Credit Card, exploring the use of RLUSD on the XRPL to settle Mastercard transactions. If successfully implemented, this would be among the first instances where a regulated U.S. bank opts to settle traditional card payments via a public blockchain and regulated stablecoin, marking a significant milestone in bridging conventional finance and blockchain innovation.
Practically, this means that when a customer swipes their Gemini Mastercard, instead of funds being transferred through traditional clearing systems over one to three business days, the transaction settlement could occur almost instantly on the blockchain using RLUSD. This can dramatically reduce settlement times, cut costs, and enhance transparency for merchants and financial institutions.
Importantly, the consumer experience remains unchanged; users pay with their cards as usual without needing to interact directly with the blockchain. The innovation occurs behind the scenes in transaction clearing. This approach provides a compliant, regulated bridge connecting legacy payment infrastructure with distributed ledger technology.
Mastercard views this partnership as part of its wider strategy to integrate regulated digital assets and blockchain solutions into the payments ecosystem, enhancing speed and efficiency while maintaining regulatory compliance. Gemini and Ripple’s previous collaboration includes the launch of the Gemini XRP edition credit card, which integrates digital assets into everyday spending with tokenized rewards.
Ahead of the pilot launch, the companies will undergo extensive regulatory reviews and onboarding processes to ensure the system meets all compliance standards and operational requirements.
This collaboration not only underscores Ripple’s growing influence in the blockchain payments sector but also signals increasing mainstream acceptance of stablecoins as viable instruments for fiat settlement in regulated financial markets.
In conclusion, the Mastercard, Ripple, and Gemini pilot marks a transformative leap toward blockchain-powered card payment settlements on the XRP Ledger, blending speed, security, and regulatory rigor. This initiative could set a precedent for future integrations of stablecoins and public blockchains into conventional financial infrastructures, shaping the future landscape of digital payments.
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