Ripple has had a headline-packed week, teaming with Mastercard, WebBank and Gemini to pilot regulated stablecoin card settlements while announcing acquisitions and hitting major milestones.
Ripple has teamed up with Mastercard, WebBank and Gemini to pilot one of the first uses of a regulated stablecoin for US bank card settlements on a public blockchain.
The companies will explore using Ripple USD (RLUSD), Ripple’s US dollar–backed stablecoin, for blockchain-based settlement of fiat card payments on the XRP Ledger (XRPL).
The initiative, announced on November 5, will enable RLUSD to facilitate settlement between Mastercard and WebBank, the issuer of the Gemini Credit Card.
Mastercard’s Global Head of Digital Commercialisation, Sherri Haymond, said the collaboration aims to bring “regulated, open-loop stablecoin payments into the financial mainstream” through the company’s global payments network.
She added Mastercard’s approach is guided by “ a principled approach to stablecoins – one that emphasises strong consumer protections, a level playing field, and full regulatory compliance.”
The project builds on Ripple’s existing work with Gemini and WebBank, which launched an XRP edition of the Gemini Credit Card earlier this year. Ripple said the effort shows how digital assets can integrate with traditional financial infrastructure to deliver faster and more transparent settlement.
Ripple President Monica Long described the partnership as a “meaningful step” toward demonstrating how regulated digital assets can enhance institutional payment systems.
“The XRPL will serve as the backbone for these and other institutional use cases that are transforming how financial services operate,” she said.
Pending regulatory approval, the group is expected to begin rolling out RLUSD on the XRPL in the coming months before beginning to link the stablecoin with Mastercard and WebBank’s existing settlement systems.
Ripple making waves
Ripple’s latest partnership follows a series of headline-grabbing updates which highlight a clear and aggressive strategy to expand across digital assets, custody and payments.
The week kicked off on November 3 with the acquisition of wallet infrastructure startup Palisade, aimed at strengthening Ripple’s custody arm with “wallet-as-a-service” technology built for high-frequency institutional transactions.
The deal adds to Ripple’s growing portfolio of acquisitions this year, including prime broker Hidden Road (now Ripple Prime), stablecoin payments platform Rail and treasury provider GTreasury.
On November 4, the company celebrated another milestone as its stablecoin, RLUSD, surpassed the $1bn market cap mark less than a year after launch. According to CoinDesk, the token, issued under New York State regulation and backed by cash and Treasuries, now ranks among the 10 largest US dollar stablecoins.
Just a day later, Ripple secured a $500m strategic investment round led by Fortress Investment Group and Citadel Securities, valuing the company at $40bn.
CEO Brad Garlinghouse said the funding reflects Ripple’s evolution from a single-use payments company into a “multi-product partner for institutions looking to access crypto and blockchain.”
