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Ripple and Mastercard: Revolutionary Tests with Stable RLUSD Crypto!
Ripple is testing the use of the RLUSD stablecoin for credit card transactions with Mastercard in a pilot initiative in the USA.
Ripple and Mastercard: Revolutionary Tests with Stable RLUSD Crypto!
Ripple has launched a pilot program with Mastercard, WebBank and Gemini to test the use of the RLUSD stablecoin to process credit card transactions. This project is one of the first tests of a regulated US bank using a regulated stablecoin for traditional card transactions. The specific transactions refer to the Gemini Credit Card issued by WebBank. Loud Crypto News The initiative aims to explore how blockchain technology can improve the efficiency of traditional fiat payment processes.
The RLUSD stablecoin is based on the XRP Ledger and was issued under a Trust Company Charter from the New York Department of Financial Services, ensuring compliance with regulatory standards. Sherri Haymond, Global Head of Digital Commercialization at Mastercard, highlighted the goal of integrating regulated stablecoin payments into the financial mainstream. The potential success of the trial would mark a significant step in the use of regulated stablecoins for card transactions on a public blockchain.
Advantages of blockchain technology
Traditional credit card transactions involve complex clearinghouses and intermediaries. However, the use of blockchain technology could enable instant transfer of value while meeting regulatory standards. The growing adoption of RLUSD, which has reached over $1 billion in circulation since its launch in late 2024, suggests that the market is open to such innovations.
| RLUSD details | Value |
|---|---|
| circulating quantity | Over $1 billion |
| editor | New York Department of Financial Services Trust Company |
| Restraint securities | Fully backed by cash and cash-like reserves |
Ripple and its partners now plan to launch RLUSD on the XRP Ledger, subject to regulatory approvals. After the onboarding phase, integration planning for stablecoin settlement in Mastercard and WebBank workflows will begin. This could revolutionize the way credit card transactions are processed in the future and represent a significant advancement for the fintech industry.