Crypto firm Ripple has partnered with Mastercard (MA), crypto exchange Gemini Space Station (GEMI) and WebBank to pilot RLUSD (RLUSD-USD) stablecoin settlements on the XRP Ledger, it said on Wednesday.
With the partnership, Ripple’s RLUSD (RLUSD-USD), operating on the XRPL, will facilitate blockchain-based processes between Mastercard (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) offers an XRP (XRP-USD) Edition of its Mastercard (MA) credit card, issued by WebBank.
Since RLUSD’s (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.