Ripple Teams With Mastercard, Gemini to Use RLUSD to Settle Credit Card Transactions

Ripple has announced a partnership with Mastercard, WebBank, and Gemini to utilize its dollar-backed stablecoin, RLUSD, for settling credit card transactions. The initiative aims to expedite onboarding and integration planning in the coming months, pending necessary regulatory approvals. RLUSD is regulated by the New York Department of Financial Services and is designed to enhance the speed and flexibility of the settlement process on the XRP Ledger (XRPL). Compared to traditional credit cards that typically offer cash back or points, the Gemini Credit Card provides Ripple-linked token rewards on purchases. The partnership follows a previous collaboration involving the introduction of an XRP version of the Gemini Credit Card, showcasing Ripple's strategy to incorporate stablecoin settlement in credit transactions. By leveraging RLUSD, the partners anticipate improved liquidity management and real-time transaction processing, promoting greater efficiency in financial transactions without altering customer payment experiences.

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