RLUSD TO POWER MASTERCARD SETTLEMENTS ON XRP LEDGER

Summary from the TLDR Crypto newsletter

Ripple partnered with Mastercard, WebBank, and Gemini to pilot RLUSD stablecoin settlement for credit card transactions on the XRP Ledger, potentially marking the first time a regulated US bank settles fiat card payments via stablecoin on a public blockchain. RLUSD launched in December 2024 under a New York Trust Charter with full cash backing and surpassed $1 billion in circulation, aiming to replace traditional 1-3 day settlement rails with near-instant blockchain settlement while maintaining compliance. WebBank, issuer of the Gemini Credit Card, will explore settling Mastercard transactions using RLUSD, with onboarding beginning in the coming months, pending regulatory approvals.