Cryptocurrency payments company Ripple has announced a major partnership with MasterCard to explore how the RLUSD stablecoin on XRP Ledger (XRPL) may facilitate the settlement of fiat card transactions. This collaboration aims to modernize payment infrastructure by integrating blockchain technology with customary banking, ensuring faster, more limpid and fully compliant transaction processing. This move is also expected to position Ripple as a leader in the global digital asset payments industry, it said growing apply of its payment solutions.
Ripple partners with Mastercard to modernize card payments
In a press release published On November 5, Ripple announced that it will work closely with Mastercard, WebBank and Gemini on usage RLUSD on the XRP ledger to process Gemini Credit Card transactions. This will enable the regulated stablecoin to support blockchain-based settlements between Mastercard’s global network and WebBank, the cryptocurrency’s issuer. Gemini credit card.
This project is one of the first cases in which a US-regulated bank will settle customary card transactions using a public blockchain and stablecoin. These efforts build on Ripple’s ongoing collaboration with Gemini and WebBank. They launched earlier this year The XRP version of the Gemini credit cardserving as a model for integrating digital assets with customary payments.
According to the press release, Sherri Haymond, global director of digital commercialization at Mastercard, expressed her appreciation for the cooperation with Ripple, emphasizing that it will bring regulated Open-loop stablecoin payments to mainstream finance. Jason Lloyd, president and CEO of WebBank, said the partnership will enable banks to combine blockchain technology with the stability of the customary financial system. He also added that thanks to the alliance, institutional payments will be faster and more productive, while maintaining the security and reliability that customers expect from conventional banks.
Additionally, Dan Chen, chief financial officer (CFO) at Gemini, noted that the next phase of the collaboration will combine blockchain innovations with real-world consumer payments through stablecoin settlement. He also said it would improve the way digital assets are used in everyday spending.
XRP Ledger and RLUSD to build the future of payments
Ripple also highlighted the broader impact of the partnership between Mastercard, Twinsand WebBank on financial institutions. Monica Long, CEO of Ripple, said the collaboration shows how digital assets such as RLUSD, can streamline settlement processes and pave the way for other card programs to adopt stablecoins. She explained that the XRP ledger will be the basis for this and other institutional applications.
Especially, XRPL will provide a trusted foundation for your recent project, offering quick processing, low costs and over a decade of reliable performance. Meanwhile, RLUSD, which has grown to market capitalization exceeded $1 billion from its launch in behind schedule 2024, it will enable seamless digital payments while increasing liquidity.
Ripple stated that partners will begin implementing RLUSD on XRPL in the coming months, pending regulatory approvals. At the same time, they will plan integration with the existing Mastercard and WebBank settlement systems.
Featured image from Medium, chart from Tradingview.com
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