Ripple, Mastercard & Gemini Ignite the Biggest Stablecoin Revolution Yet
Ripple, Mastercard, and Gemini Team Up to Advance RLUSD Stablecoin Payments
In a move that could reshape the future of digital payments, Ripple has joined forces with Mastercard and Gemini to pilot blockchain-based settlements using Ripple’s U.S. dollar-backed stablecoin, RLUSD. The collaboration aims to demonstrate how regulated stablecoins can enhance financial infrastructure, streamline settlement systems, and ensure compliance with strict global standards.
The announcement was made at Ripple Swell 2025 in New York, where Ripple executives shared details of the new partnership that integrates the XRP Ledger (XRPL) with Mastercard’s extensive global payments network and Gemini’s financial products.
According to the companies, the initiative seeks to accelerate transaction settlements while reducing costs and friction within traditional card systems, marking a new milestone in the evolution of blockchain-based finance.
A Strategic Alliance for the Next Era of Payments
Ripple’s partnership with Mastercard and Gemini represents one of the most significant collaborations between blockchain innovators and established financial institutions in recent years. The pilot will use RLUSD, Ripple’s regulated stablecoin, for settlements between Mastercard and WebBank, the official issuer of the Gemini Credit Card.
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The goal is simple yet transformative — to replace traditional card payment settlement processes, which often take one to three business days, with near-instant blockchain settlements on the XRP Ledger.
If the pilot proves successful, it could serve as a proof of concept for U.S. banks and financial institutions exploring public blockchain integration for regulated stablecoin transactions.
Ripple President Monica Long emphasized the growing interest among global institutions in using blockchain to modernize financial operations.
“Financial institutions around the world are increasingly recognizing the value of blockchain and stablecoins in modernizing how money moves,” Long said. “This partnership is a meaningful step toward showcasing how regulated digital assets can enhance settlement, paving the way for other card programs to adopt stablecoins for faster, compliant payments.”
The Role of RLUSD on the XRP Ledger
Ripple’s RLUSD stablecoin, introduced earlier this year, is designed to maintain a 1:1 peg with the U.S. dollar, providing transparency and stability. Unlike algorithmic stablecoins, RLUSD is fully backed by cash and cash-equivalent reserves held with U.S. financial institutions, subject to regular third-party audits.
The use of RLUSD on the XRP Ledger allows transactions to be processed in seconds while ensuring that settlement data remains immutable, auditable, and transparent.
This approach aligns with the increasing global demand for regulated digital assets that combine blockchain efficiency with institutional-grade security and compliance.
Mastercard’s participation is particularly noteworthy given its leadership in digital asset innovation. The company has been experimenting with blockchain and tokenization technologies since 2019, working closely with regulated entities to ensure interoperability with existing financial systems.
Mastercard’s Push Toward Regulated Stablecoin Use
Sherri Haymond, Mastercard’s Global Head of Digital Commercialization, highlighted the company’s ongoing commitment to exploring stablecoins as part of its broader digital payments strategy.
“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,” Haymond stated.
She added that the partnership was guided by Mastercard’s long-standing principles of consumer protection, regulatory compliance, and financial inclusivity.
“Our approach to stablecoins emphasizes strong consumer protections, a level playing field, and full regulatory compliance. We’re enabling faster settlement today while exploring how stablecoins can support future use cases, including cross-border transactions and digital asset custody,” she added.
Building on Ripple’s Momentum in 2025
The RLUSD partnership comes at a time when Ripple is rapidly expanding its institutional footprint. Earlier this year, Ripple completed several major acquisitions totaling over $4 billion, including Hidden Road, a prime brokerage firm, and GTreasury, a liquidity and treasury management platform.
Ripple’s total payment volume surpassed $95 billion across its global network in 2025, underscoring its growing influence as a major player in blockchain-based finance.
The introduction of RLUSD and its integration with Mastercard’s network represent a natural extension of Ripple’s strategy — to connect traditional finance with decentralized technology through regulated and scalable solutions.
The XRP Ledger (XRPL) continues to serve as the technological foundation for this vision, offering real-time settlement capabilities that can significantly improve speed, cost, and transparency across financial markets.
Industry Reactions: A Step Toward Institutional Adoption
Industry analysts see the Ripple–Mastercard–Gemini partnership as a major step forward for institutional blockchain adoption.
Ben McKenzie, a fintech analyst at Digital Asset Research, noted that the collaboration highlights a pragmatic shift in the financial industry’s attitude toward stablecoins.
“The market is clearly maturing. Institutions like Mastercard and Ripple are proving that blockchain doesn’t have to compete with traditional finance — it can enhance it,” McKenzie said. “This deal is particularly significant because it blends the credibility of a regulated card network with the efficiency of blockchain technology.”
Similarly, Gemini, co-founded by Cameron and Tyler Winklevoss, has maintained a long-standing commitment to regulatory transparency and consumer protection. By participating in this initiative, Gemini seeks to bridge its crypto-native infrastructure with established payment systems, potentially paving the way for a new class of compliant, blockchain-enabled financial products.
A Vision for Faster, Safer, and Cheaper Payments
Traditional card settlement systems rely on multiple intermediaries — banks, card issuers, and payment processors — resulting in settlement delays and higher operational costs.
The introduction of RLUSD-based settlement aims to compress these layers, allowing transactions to clear almost instantly on a public blockchain while maintaining compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
For consumers, this could eventually mean faster refunds, real-time account updates, and reduced transaction fees. For institutions, it offers the promise of improved capital efficiency and lower operational risk.
If the pilot proves scalable, Ripple and Mastercard could extend this model to cross-border payments, merchant settlement, and B2B transactions, further enhancing the global liquidity network Ripple has been building for years.
What Comes Next
In the coming months, Ripple, Mastercard, and Gemini are expected to complete regulatory reviews and conduct real-world transaction testing. WebBank, as the credit card issuer, will play a central role in integrating the blockchain settlement layer with traditional card networks.
The success of this initiative could set a precedent for regulated stablecoin adoption in mainstream finance, influencing how major institutions approach blockchain integration.
Financial observers say the collaboration could also prompt other card issuers and banks to explore similar partnerships using compliant digital assets like RLUSD or tokenized bank deposits.
A Turning Point for the Stablecoin Market
Stablecoins remain one of the fastest-growing sectors in digital finance, with over $150 billion in total market capitalization globally. However, regulatory uncertainty continues to limit their adoption among major institutions.
Ripple’s RLUSD initiative, backed by partners like Mastercard and Gemini, could help bridge the regulatory trust gap, demonstrating how compliance-first blockchain products can power everyday financial transactions.
If successful, this project could mark a turning point — not just for Ripple or Mastercard, but for the entire digital payments ecosystem.
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