Key Highlights
- Ripple, Mastercard, WebBank, and Gemini are partnering to use the RLUSD stablecoin for settling fiat-based credit card payments on the XRP Ledger, starting with the Gemini XRP Credit Card
- This collaboration will use the XRP Ledger for settlement between Mastercard and the bank
- RLUSD has recently surpassed $1 billion in market capitalization
On November 5, Ripple announced its major partnership with Mastercard, one of the biggest payment networks in the world, to introduce RLUSD payments on the XRP Ledger for fiat credit card payments.
Ripple Swell: We’re collaborating with @Mastercard, WebBank, and @Gemini to introduce $RLUSD settlement on the XRP Ledger for fiat credit card payments, starting with the Gemini XRP Credit Card: https://t.co/36yoNBtM9f
This initiative sets a new benchmark for institutional… pic.twitter.com/7UVhCTfuo0
— Ripple (@Ripple) November 5, 2025
This announcement comes during its annual Ripple Swell conference. The partnership involves other big names like WebBank and Gemini. This initiative will start with the Gemini XRP Credit Card.
Ripple and Mastercard to Boost Stablecoin Payments with RLUSD
The main purpose of this collaboration is to “explore the use of Ripple USD (RLUSD) on the XRPL.”
When a person uses their Gemini XRP Credit Card to make a purchase, the merchant still receives fiat currency. However, the process of moving funds between Mastercard and the card issuer, WebBank, will be handled using the RLUSD stablecoin on the XRP Ledger.
According to the official announcement, this payment settlement will mark “one of the first collaborations” where a regulated U.S. bank will use a stablecoin on a public blockchain for this purpose.
RLUSD is a stablecoin pegged to the U.S. dollar. It is issued by Standard Custody & Trust Company, which is a Ripple subsidiary regulated by New York State. For every RLUSD in circulation, there is an equivalent amount of real-world assets held in reserve.
These reserves include cash, U.S. Treasury bills, and government money market funds. To keep a check on this reserve, independent auditors check these reserves every month to provide full transparency to its users.
The XRP Ledger is the public blockchain to settle stablecoin payments. On this blockchain, transactions are finalized in just a few seconds at a cost of a fraction of a cent. This “open-loop” system was created to allow regulated stablecoins to move smoothly through global payment networks while following all necessary rules.
By using RLUSD on the XRP Ledger, the new collaboration wants to enhance transaction settlements.
“Through our partnerships with Ripple, Gemini, and WebBank, we’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,” Sherri Haymond, Global Head of Digital Commercialization at Mastercard, said.
“Banks are uniquely positioned to bridge innovative blockchain technology with the stability of the traditional financial system,” stated Jason Lloyd, President and CEO, WebBank. “Our collaboration with Mastercard, Gemini, and Ripple allows us to explore how stablecoins like RLUSD can make institutional payments faster and more efficient while maintaining the security and dependability customers expect from banks.”
“Financial institutions around the world are increasingly recognizing the value of blockchain and stablecoins in modernizing how money moves,” Monica Long, President of Ripple. stated in an announcement. “This partnership is a meaningful step toward showcasing how regulated digital assets like RLUSD can enhance settlement, paving the way for other card programs to adopt stablecoins for faster, compliant payments. The XRPL will serve as the backbone for these and other institutional use cases that are transforming how financial services operate.”
RLUSD Surpasses $1 Billion in Market Capitalization
The announcement of Ripple’s partnership with Mastercard comes when RLUSD achieved a major milestone. On November 4, the stablecoin’s market capitalization surpassed $1 billion in a period of less than a year. With this impressive surge in its market cap, the stablecoin became the seventh-largest stablecoin, challenging top stablecoins like USDT and USDC.
According to CoinMarketCap, the total circulating supply of RLUSD revolves around 1.02 billion, which is split between the Ethereum and the XRP Ledger.
This stablecoin growth comes from both institutional and retail use, through platforms like Transak and Xaman wallets, Ripple Prime, etc.
This announcement comes after Visa, a direct competitor of Mastercard, launched a pilot program for its Visa Direct service, which allows businesses to use stablecoins to execute cross-border payments.
Visa has also partnered with the platform Bridge to issue stablecoin-linked Visa cards in some Latin American countries. This allows users to spend directly from their stablecoin balances at any merchant that accepts Visa.
