Credit card giant Mastercard has teamed up with Ripple and Gemini to explore using RLUSD stablecoins on the XRP Ledger (XRPL) to settle traditional card transactions.
According to the companies, the initiative will be among the first where a regulated U.S. bank — WebBank, Gemini’s card issuer — settles fiat payments using a regulated stablecoin on a public blockchain.
XRPL, supported by Ripple, is an open-source blockchain designed for fast, low-cost payments. Gemini, founded by Cameron and Tyler Winklevoss, already issues an XRP-themed credit card and recently launched a Solana edition offering up to 4% SOL rewards.
Mastercard has been expanding its crypto collaborations, including a June partnership with Chainlink to enable onchain crypto purchases through secure fiat-to-crypto conversion.
The initiative underscores Mastercard’s growing integration with blockchain networks to enhance settlement efficiency.
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