Ripple partners with Mastercard, Gemini to plot stablecoin settlement on XRPL

[Mastercard Credit Card]
jbk_photography/iStock Editorial via Getty Images

Crypto firm Ripple has partnered with Mastercard (MA [https://seekingalpha.com/symbol/MA]), crypto exchange Gemini Space Station (GEMI [https://seekingalpha.com/symbol/GEMI]) and WebBank to pilot RLUSD (RLUSD-USD [https://seekingalpha.com/symbol/RLUSD-USD]) stablecoin settlements on the XRP Ledger, it said on Wednesday.

With the partnership, Ripple's RLUSD (RLUSD-USD [https://seekingalpha.com/symbol/RLUSD-USD]), operating on the XRPL, will facilitate blockchain-based processes between Mastercard (MA [https://seekingalpha.com/symbol/MA]) and WebBank, the issuer of the Gemini Credit Card.

"Once implemented, this will mark one of the first collaborations where a regulated U.S. bank settles traditional card transactions using a regulated stablecoin on a public blockchain," Ripple said in a statement, underscoring rising trust in blockchain technology for real-world payments.

Gemini (GEMI [https://seekingalpha.com/symbol/GEMI]) offers an XRP (XRP-USD [https://seekingalpha.com/symbol/XRP-USD]) Edition of its Mastercard (MA [https://seekingalpha.com/symbol/MA]) credit card, issued by WebBank.

Since RLUSD's (RLUSD-USD [https://seekingalpha.com/symbol/RLUSD-USD]) inception last year, the dollar-pegged token has grown to over $1B in circulation, backed adoption across decentralized finance platforms, as well as Ripple's cross-border payment solution and institutional alliances, it said [https://ripple.com/ripple-press/ripple-teams-up-with-mastercard-webbank-and-gemini/].

MORE ON MASTERCARD, RIPPLE USD, ETC.

* Mastercard: A Good Option Even With The Threat Of Stablecoins [https://seekingalpha.com/article/4837970-mastercard-a-good-option-even-with-the-threat-of-stablecoins]
* XRP: The Next Visa? Why Ripple's $5 Trillion Network Could Justify A Bigger Valuation [https://seekingalpha.com/article/4836869-xrp-the-next-visa-why-ripples-5-trillion-network-could-justify-a-bigger-valuation]
* Mastercard: This Is Visa's Year (Rating Downgrade) [https://seekingalpha.com/article/4836084-mastercard-this-is-visas-year-rating-downgrade]
* Crypto titan Ripple scores $40B valuation after $500M fundraise [https://seekingalpha.com/news/4515843-crypto-titan-ripple-scores-40b-valuation-after-500m-fundraise]
* Mastercard poised to snap seven straight sessions of decline [https://seekingalpha.com/news/4514836-mastercard-poised-to-snap-seven-straight-sessions-of-decline]