Mastercard Partners with Ripple, Gemini to Test Stablecoin Settlement for Card Payments

Mastercard is collaborating with Ripple and Gemini to pilot the use of stablecoins for settling card transactions. The initiative will utilize the RLUSD stablecoin on the XRPL blockchain.

The partnership, which also includes card issuer WebBank, aims to create one of the first systems where a regulated US bank settles standard card payments via a regulated stablecoin on a public ledger.

This move highlights the growing adoption of blockchain technology by traditional finance giants to increase efficiency and bridge the gap between digital assets and everyday commerce.