Mastercard, Ripple, Gemini pursue XRP Ledger-based payment collaboration

Global payments company Mastercard (Mastercard) is partnering with Ripple (Ripple) and Gemini (Gemini) to utilize Ripple's blockchain network, the XRP Ledger (XRPL), and conduct a payment settlement experiment using the stablecoin 'RLUSD'.

According to The Block on the 5th (local time), the three companies said in a joint statement, "This project will be one of the first collaborations in which a U.S. regulated bank uses a regulated stablecoin on a public blockchain to settle existing card transactions."

This collaboration aims to increase the efficiency of blockchain-based payments and enable card users to utilize cryptocurrencies in everyday payment processes. Recently, the crypto asset industry has been actively seeking to expand transaction revenues and attract new customers by issuing payment cards.

The XRP Ledger (XRPL), led by Ripple, is an open-source blockchain developed to improve payment speed and cost efficiency. RLUSD is a dollar-pegged stablecoin issued by Ripple and will be used in this payment settlement experiment.

Gemini is a cryptocurrency exchange founded in 2014 by brothers Cameron and Tyler Winklevoss, and issues an XRP reward credit card in partnership with WebBank (WebBank). WebBank is also participating as a settlement partner in this project.

Gemini Chief Financial Officer (CFO) Dan Chen (Dan Chen) said, "The Gemini credit card is taking the way it integrates digital assets into everyday spending to the next level."