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

Ripple is collaborating with Mastercard, WebBank, and Gemini to utilize its regulated stablecoin, RLUSD, for settling credit card transactions. This initiative is set to commence following regulatory approvals expected in the coming months. RLUSD is a dollar-backed stablecoin, regulated by the New York Department of Financial Services. The aim is to facilitate credit card transactions through the XRP Ledger, enhancing speed and liquidity management. Ripple has previously partnered with Gemini and WebBank to introduce an XRP variant of the Gemini Credit Card, which rewards users with Ripple-related tokens. This new settlement strategy seeks to provide near real-time fund transfers while maintaining customer payment experiences unchanged. As of now, RLUSD has seen significant growth, achieving a market cap exceeding $1 billion.

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