Mastercard, Ripple, Gemini test XRPL blockchain for card payments

Mastercard is working with Gemini and Ripple to test the use of RLUSD stablecoins on the XRPL blockchain for settling fiat card transactions, the companies said on November 5, 2025.

Gemini, a US-based cryptocurrency trading platform, and Ripple, which supports the XRPL blockchain, will join the trial alongside WebBank, the issuer of Gemini’s credit card.

If launched, the initiative would be among the first involving a regulated US bank settling card payments using a regulated stablecoin on a public blockchain.

🔗 Source: The Block

🧠 Food for thought

Implications, context, and why it matters.

RLUSD regulation and limits on independent reserve checks

RLUSD runs under a New York Department of Financial Services (NYDFS) limited-purpose trust company charter, widely seen as strict for stablecoins, and publishes monthly independent reserve attestations 1.
In our review, Ripple (the company that supports the XRP Ledger (XRPL) blockchain) gated its transparency page with security checkpoints 2 and we could not access the Dec. 2024 RLUSD reserves report 3. That limited independent checks on reserves or attestation method.
The News Article does not say if RLUSD is live across platforms or still a trial with select partners, which leaves uncertainty about the significance of Mastercard’s effort. Established stablecoins publish reserve holdings and third-party audit processes, while RLUSD remains less clear, which raises questions about whether the test signals adoption or exploratory research.

Card processors and treasury vendors can build cross-network stablecoin settlement with Visa’s expanding support

Visa supports four stablecoins across four blockchains for settlement 4 and has processed over $225 million in related volume 5. Work with Worldpay (a global merchant acquirer and payment processor) and Nuvei (a payments processor) 6 gives it a head start over Mastercard’s RLUSD pilot.
Merchant acquirers (companies that process card payments for merchants) not yet on Visa’s stablecoin platform can stand out by building multi-network settlement for Visa’s USDC or EURC 4. Processors can add support for Mastercard’s RLUSD path 4.
Treasury management firms (software and service providers that manage corporate cash and risk) plus AML and Know Your Customer (KYC) providers that serve card issuers should build compliance for stablecoin settlement now, since Visa expects every institution moving money to need a stablecoin strategy in 2025 5. A focus on Africa, where its work with Yellow Card (a crypto exchange and payments platform operating across Africa) is expanding 5, can give first-mover advantage to processors that build local rails.