Four major financial institutions collaborate to process traditional card payments through regulated stablecoin technology, marking a milestone in blockchain adoption.
Mastercard, Ripple, Gemini, and WebBank announced a collaboration to explore using Ripple’s RLUSD stablecoin for settling fiat credit card transactions. The partnership was revealed on Nov. 5 at the Ripple Swell 2025 conference in New York.
The initiative represents one of the first times a regulated US bank will settle 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 the XRP Ledger to process RLUSD-based settlements for cardholder transactions.
The XRPL will facilitate blockchain-based settlement processes between Mastercard’s payment network and WebBank. The collaboration expands on the existing relationship between WebBank and Gemini, which launched the XRP edition of the credit card earlier this year.
RLUSD Growth and Regulatory Status
RLUSD is a US dollar-backed stablecoin issued under the New York Department of Financial Services Trust Company Charter. The stablecoin has grown to RLUSD’s $1 billion milestone in circulation since launching in late 2024.
Dashboard showing that Ripple has pushed past the $1B milestone recently | Source: rwa.xyz
The partners will conduct initial RLUSD onboarding on the XRPL in the coming months, subject to obtaining required regulatory approvals. Integration planning will follow the onboarding phase, though no specific timeline was provided for full implementation.
Ripple’s Institutional Expansion
The announcement coincides with major corporate developments at Ripple. The company secured $500 million in funding at a Ripple’s $40 billion valuation from Fortress Investment Group, also announced on Nov. 5.
Ripple recently activated its Ripple Prime brokerage launch following a $1.25 billion acquisition of Hidden Road in October. The brokerage provides institutional clients with spot trading support for both XRP XRP $2.34 24h volatility: 7.7% Market cap: $140.53 B Vol. 24h: $6.76 B and RLUSD.
Mastercard’s global head of digital commercialization, Sherri Haymond, stated the partnership uses the company’s payment network to bring regulated stablecoin payments into the financial mainstream. WebBank’s president and CEO, Steven Wirtz, noted the collaboration bridges blockchain technology with traditional financial system stability to make institutional payments faster and more efficient.
Ripple Swell 2025 Conference
The partnership announcement took place at Ripple Swell 2025, an invite-only conference running from Nov. 4 through Nov. 5 at Convene Hudson Yards in New York. The event drew over 600 attendees from more than 40 countries.
Billions of assets. Onchain.
At Swell 2025 🗽, leaders from @FTI_Global, @Citibank, and @Fidelity joined @reece_merrick to explore how institutions are embracing custody, managing risk, and unlocking new value through tokenization.
The message is clear: The institutional shift… pic.twitter.com/YLnOCGEpll
— Ripple (@Ripple) November 5, 2025
Notable speakers at the conference included Adena Friedman, chair 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 tokenized assets, stablecoin settlements, crypto ETFs, and US digital asset policy. Ripple CEO Brad Garlinghouse and co-founder Chris Larsen both delivered keynote addresses during the two-day event.
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