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Introduction
In a landmark move for digital finance, Ripple has partnered with payment giant Mastercard, WebBank, and crypto exchange Gemini to pilot its RLUSD stablecoin for blockchain-based payments on the XRP Ledger. This collaboration, announced on November 5, aims to leverage Mastercard’s global network to bring regulated stablecoin settlements into the financial mainstream, marking one of the first instances where a regulated U.S. bank will clear traditional card transactions using a regulated stablecoin on a public blockchain.
Key Points
- First collaboration where regulated U.S. bank clears card transactions using regulated stablecoin on public blockchain
- RLUSD stablecoin market cap surpassed $1 billion, more than doubling in three months from $400 million in August
- XRP Ledger network activity shows 8.9% growth in daily transactions and 6.1% increase in total addresses in Q3 2025
A Blueprint for Mainstream Stablecoin Adoption
The partnership represents a significant convergence of traditional finance and blockchain technology, with Mastercard’s Global Head of Digital Commercialization, Sherri Haymond, emphasizing the company’s “principled approach to stablecoins” that prioritizes consumer protections, a level playing field, and full regulatory compliance. This initiative is designed to enable RLUSD to facilitate blockchain-based payments between Mastercard and WebBank, exploring how stablecoins can support future financial use cases while enabling settlement today.
WebBank President and CEO Jason Lloyd reinforced the strategic importance of the collaboration, stating that banks are uniquely positioned to integrate blockchain technology with the traditional financial system. He explained that the partnership enables their firm to explore how stablecoins like RLUSD can facilitate faster and more efficient institutional payments while maintaining the security standards that customers expect from traditional banking institutions.
Building on Existing Infrastructure and Partnerships
This new initiative expands on Ripple’s existing work with Gemini and WebBank on the Gemini Credit Card, which launched an XRP edition earlier this year. The collaboration leverages the XRP Ledger’s proven infrastructure, which Ripple highlighted for its low costs, rapid processing capabilities, and a decade of reliable performance that provides a trusted foundation for digital transactions.
The XRP token plays a crucial role in securing the network and supporting efficient transactions as new assets, such as RLUSD, expand their use cases. This integrated approach demonstrates how established blockchain networks can evolve to accommodate new financial instruments while maintaining network integrity and performance standards that meet institutional requirements.
Impressive Growth Metrics and Regulatory Pathway
The announcement comes amid significant growth for both the RLUSD stablecoin and the XRP Ledger network. According to CoinGecko data, RLUSD has surpassed a market capitalization of $1 billion, more than doubling in just three months after rising from $400 million in August. This rapid growth underscores increasing market confidence in the regulated stablecoin.
Network activity on the XRP Ledger also shows robust expansion, with average daily transactions increasing by 8.9% from 1.6 million in Q2 to 1.8 million in Q3 2025. The total number of addresses on the network grew by 6.1% to reach 6.9 million, indicating broadening adoption and usage of the blockchain infrastructure that will support the RLUSD integration.
The partnership’s implementation remains subject to regulatory approval, with the group planning to begin initial RLUSD onboarding on XRPL after receiving the necessary regulatory green light. In the coming months, integration planning will commence within the existing Mastercard and WebBank remittance systems, setting the stage for what could become a template for regulated stablecoin adoption in traditional finance.
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