On Nov. 6, Mastercard confirmed in an official statement its partnership with Gemini and Ripple to pilot RLUSD stablecoin settlements for card transactions on the XRP Ledger. WebBank, issuer of the Gemini Credit Card, participates as the first regulated U.S. bank to use a stablecoin for traditional card settlement on a public blockchain. RLUSD, Ripple’s stablecoin backed by U.S. dollar reserves and regulated under New York’s Trust Charter, entered circulation in December 2024 with over $1 billion outstanding. The initiative aims to validate the use of regulated stablecoins within established payment infrastructures.