Mastercard, Ripple Test Stablecoin Settlement for Gemini Credit Card Deals

Key notes

• WebBank has become the first regulated US bank to settle traditional card payments via stablecoin on public blockchain infrastructure.
• The RLUSD stablecoin has reached $1 billion in circulation under the supervision of the New York financial regulator since its launch in late 2024.
• Ripple secures $500 million in funding at a $40 billion valuation while expanding institutional services through Prime brokerage platform.

Mastercard, Ripple, Gemini, and WebBank have announced a collaboration to explore the use of Ripple’s RLUSD stablecoin to settle fiat credit card transactions. The partnership was unveiled on November 5 at the Ripple Swell 2025 conference in New York.

This initiative represents one of the first times that a regulated US bank has settled traditional card transactions using a regulated stablecoin on a public blockchain. According to a Ripple statement. WebBank, which issues the Gemini credit card, will use an XRP ledger to process RLUSD-based settlements for cardholder transactions.

XRPL will facilitate blockchain-based settlements between Mastercard and WebBank’s payment network. The collaboration expands on the existing relationship between WebBank and Gemini, which launched an XRP version of the credit card earlier this year.

RLUSD Growth and Regulatory Status

RLUSD is a US dollar-backed stablecoin issued under the fiduciary charter of the New York Department of Financial Services. The stablecoin has grown to a trading level of $1 billion RLUSD since its launch in late 2024.

The partners will conduct an initial onboarding of RLUSD on XRPL in the coming months, subject to the required regulatory approvals. Integration planning will follow the preparation phase, although a specific timeline for full implementation has not been provided.

Ripple’s institutional expansion

This announcement coincides with major developments taking place at Ripple. The company secured $500 million in funding at a $40 billion valuation for Ripple from Fortress Investment Group, which was also announced on November 5.

Ripple recently revitalized its brokerage launch Ripple Prime following its $1.25 billion acquisition of Hidden Road in October. The brokerage provides institutional clients with support for spot trading of XRP

XRP
$2.33



24-hour fluctuations:
8.0%


Market value:
$139.95 billion



Vol. 24 hours:
$7.67 billion

and RLUSD.

The partnership uses the company’s payment network to bring regulated stablecoin payments into the financial mainstream, said Sherri Haymond, global head of digital marketing at Mastercard. The collaboration links blockchain technology with the stability of the traditional financial system to make institutional payments faster and more efficient, noted Stephen Wertz, president and CEO of WebBank.

Ripple Soil Conference 2025

The partnership was announced at Ripple Swell 2025, an invitation-only conference that runs from November 4 through November 5 at Convene Hudson Yards in New York. The event attracted more than 600 participants from more than 40 countries.

Billions of assets. Onchain.

In Swell 2025 , leaders of @FTI_Global, @Citibankand @ Sincerity join @reece_merrick To explore how organizations are embracing incubation, managing risk and unlocking new value through coding.

The message is clear: institutional transformation… pic.twitter.com/YLnOCGEpll

– Ripple (@Ripple) November 5, 2025

Notable speakers at the conference include Adena Friedman, Chairman and CEO of Nasdaq, Maxwell Stein, Director of Digital Assets at BlackRock, and Patrick Witt, Senior Policy Advisor at the White House. Session topics covered token assets, stablecoin settlements, cryptocurrency ETFs, and US digital asset policy. Ripple CEO Brad Garlinghouse and co-founder Chris Larsen delivered keynote speeches during the two-day event.

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As a Web3 marketing strategist and former DuckDAO CMO, Zoran Spirkovski translates complex coding concepts into compelling narratives that drive growth. With a background in cryptocurrency journalism, he excels at developing go-to-market strategies for DeFi, L2, and GameFi projects.

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