Mastercard, Ripple and Gemini explore RLUSD stablecoin for card transactions

Mastercard is partnering with Ripple and Gemini to explore the use of RLUSD stablecoin on the XRPL blockchain for card transaction settlements, the companies announced Wednesday. The implementation would mark one of the first collaborations where a regulated U.S. bank settles traditional card transactions using a regulated stablecoin on a public blockchain.

XRPL (XRP Ledger) is an open-source blockchain designed to enhance digital payments, with Ripple as its main advocate. Gemini, the crypto trading platform founded by Cameron and Tyler Winklevoss in 2014, already offers an XRP edition of its credit card with support from WebBank. Last month, Gemini launched a Solana edition of its card, offering up to 4% back in SOL tokens for each purchase.

WebBank, the issuer of the Gemini card, is part of the RLUSD initiative. Mastercard continues to expand its partnerships in the digital assets space, following its June collaboration with Chainlink to enable secure on-chain fiat-to-crypto purchases. Additionally, Humanity Protocol announced an agreement with Mastercard to provide users access to real-world financial services and loans via open finance technology.

This initiative highlights growing interest from payment companies and crypto platforms in integrating stablecoins into daily card transactions.