The companies plan to begin the first tests with RLUSD in the coming months.
For Ripple’s Monica Long, the agreement opens the way for other programs to adopt stablecoins.
Ripple announced a partnership with Mastercard, WebBank and Gemini to integrate its Ripple USD (RLUSD) stablecoin into card payments, leveraging the public XRPL network to facilitate transaction settlement.
With this initiative, the companies involved seek to explore how regulated stablecoins can be integrated into traditional payment systems, allowing faster financial movements between institutions.
Mastercard will make its global payments network availablewhile WebBank—issuer of the Gemini credit card—will test the use of RLUSD as an intermediary asset in payment processes.
It should be noted that Gemini is a cryptocurrency exchange regulated in New York, founded by the Winklevoss brothers. For its part, WebBank is a digital bank based in Utah specialized in issuing cards and other financial products.
For Ripple, this collaboration represents an important step in its strategy of incorporating cryptocurrencies into mainstream finance. Monica Long, president of the company, pointed out that the agreement paves the way “for other card programs to adopt stablecoins and achieve faster and more compliant payments.”
Stablecoins gain ground in traditional finance
From Gemini, its CFO, Dan Chen, said: “In this new phase of the collaboration, we demonstrate how stablecoin settlement can be applied to an active card program, connecting blockchain innovation with real consumer payments.”
WebBank, for its part, pointed out the role of banks as a bridge between technological innovation and the stability of the financial system. Its president, Jason Lloyd, stated that stablecoins can streamline institutional payments and improve their efficiencywithout putting the safety or trust of customers at risk.
In the coming months, the companies plan to begin the first tests with RLUSD within the Mastercard and WebBank settlement systems, in an initial phase subject to approval by regulatory bodies.
Another example that reflects the interest in connecting the sector with traditional payment systems is Epic One, the new card launched by Epic Chain that offers up to 8% rewards in XRP, the cryptocurrency founded by Ripple. As reported by CriptoNoticias, the company seeks to position it as a tool designed especially “for the XRP economy.”