Mastercard is expanding its presence in the digital asset space with a new partnership alongside Ripple and Gemini. The three companies announced plans to explore using RLUSD, a U.S.-regulated stablecoin issued on the XRP Ledger (XRPL), to settle traditional card transactions.
If fully implemented, the initiative would mark one of the first instances where a regulated U.S. bank settles everyday card payments using a regulated stablecoin on a public blockchain, according to the joint statement released Wednesday.
Expanding Crypto Utility in Everyday Spending
The move aligns with a growing industry trend: bridging crypto and traditional finance to make digital assets practical for everyday use. Many crypto platforms now issue debit and credit cards that allow customers to spend crypto rewards or settle transactions in fiat currency.
The XRPL (XRP Ledger) — an open-source blockchain supported by Ripple — is designed to enable fast, low-cost payments. Ripple continues to champion the technology as part of its broader mission to modernize global financial infrastructure.
Gemini, the crypto trading platform founded by Cameron and Tyler Winklevoss in 2014, is also central to the partnership. The company already offers a Gemini Credit Card—issued by WebBank—that lets users earn crypto rewards on purchases. A recent update introduced a “Solana Edition,” offering up to 4% back in SOL tokens.
“Through the Gemini Credit Card, we’re advancing how digital assets integrate into everyday spending,” said Dan Chen, Gemini’s Chief Financial Officer.
WebBank, which issues Gemini’s card, is also participating in the RLUSD settlement pilot.
Mastercard Deepens Its Crypto Partnerships
Mastercard has steadily strengthened its ties within the blockchain and crypto ecosystem. In June, the company partnered with Chainlink to enable secure fiat-to-crypto conversions directly onchain, giving consumers a more seamless way to purchase digital assets.
In a separate announcement Wednesday, Humanity Protocol—a digital identity solutions provider—revealed a new partnership with Mastercard. The collaboration aims to leverage open finance tools to help users access credit, loans, and other real-world financial services through Humanity’s decentralized platform.
Humanity ProtocolThe Bigger Picture
The Mastercard–Ripple–Gemini initiative represents another step toward blending blockchain innovation with established financial systems. While the pilot is still in development, it highlights a growing push to make stablecoin-powered settlements a trusted, regulated part of the payments landscape.
As traditional finance and crypto continue to converge, collaborations like these could set the stage for a future where blockchain technology quietly powers everyday transactions—without consumers even noticing the shift.
