In a landmark development for blockchain-based finance, Ripple and Mastercard have announced a pilot project to test using Ripple’s RLUSD stablecoin to settle credit card transactions on the XRP Ledger (XRPL), marking a major step toward real-time payments in traditional finance.
A Collaboration That Could Redefine Settlements
The initiative, unveiled on November 5, 2025, during Ripple’s Swell conference, brings together Ripple, Mastercard, WebBank, and Gemini in a consortium aimed at modernizing credit card payment infrastructure.
Under the pilot, fiat transactions made with the Gemini Credit Card, including a special XRP-branded edition, will be settled in RLUSD, Ripple’s U.S. dollar–backed stablecoin, via the XRP Ledger.
The test seeks to demonstrate that regulated stablecoins on public blockchains can streamline settlement processes, significantly reducing the time, cost, and complexity of traditional card payment systems. Instead of relying on overnight clearing or batch settlement, RLUSD could allow 24/7 near-instant transfers between financial institutions.
If successful, it would mark one of the first real-world instances of a U.S. bank settling card transactions using a stablecoin on a public blockchain, a development many analysts say could reshape the payments industry.
Why It Matters
Ripple President Monica Long described the initiative as a “defining moment for practical blockchain utility,” emphasizing that regulated stablecoins like RLUSD can help bridge the gap between legacy payment networks and blockchain efficiency.
For Mastercard, this partnership fits squarely into its long-term strategy of integrating tokenized settlement options into its global network. The company has previously piloted similar blockchain-based settlement projects but never with a public ledger and regulated U.S. stablecoin at the core.
Analysts suggest this move could serve as a blueprint for future collaborations between banks, card issuers, and blockchain companies seeking to improve transparency and efficiency in the $10 trillion global payments industry.
The Bigger Picture
The pilot comes amid rapid institutional adoption of Ripple’s technology. Ripple’s RLUSD stablecoin, launched earlier in 2025, recently surpassed $1 billion in market capitalization, underscoring its growing use in global liquidity and payments.
If Ripple and Mastercard’s joint effort proves successful, it could pave the way for mainstream stablecoin adoptionwithin traditional finance, turning blockchain settlement from theory into practice.
