Ripple Swell 2025: Collaboration with Mastercard and Gemini for RLUSD

Ripple Swell is an annual conference hosted by Ripple, dedicated to innovations in blockchain, payments, and cryptocurrencies. In 2025, the event took place on November 5 in New York and served as a platform for several significant announcements, among which the new collaboration with Mastercard, WebBank, and Gemini stands out. This initiative focuses on integrating the RLUSD (Ripple USD) stablecoin on the XRP Ledger (XRPL) for settling fiat payments via credit cards. This is not just a technical update but a step toward establishing new standards for institutional use of cryptocurrencies in traditional financial systems. Let's break down this news in more detail.

At the Ripple Swell 2025 conference, Ripple announced a partnership with global payments giant Mastercard, regulated bank WebBank, and cryptocurrency exchange Gemini. The goal is to test the use of RLUSD as a settlement mechanism for credit card transactions. This came amid other positive news for Ripple: the company raised $500 million in investments from funds like Citadel Securities, Fortress Investment Group, and others, confirming its valuation at $40 billion. Ripple CEO Brad Garlinghouse called this the "cherry on top" among successes, emphasizing the transition of blockchain payments into the mainstream.

Ripple President Monica Long noted that this is a "significant step toward demonstrating how regulated digital assets can improve settlement." Ripple also confirmed it has no plans for an IPO in the near future, focusing on product development.

This collaboration is a continuation of Ripple's efforts to integrate crypto into real-world payments. RLUSD, launched at the end of 2024, has already exceeded $1 billion in circulation and is issued under a license from the New York Department of Financial Services (NYDFS). It is fully backed by cash and equivalents, making it reliable for institutional use.

Details of the Collaboration and RLUSD Integration

The essence of the partnership is using RLUSD on the XRP Ledger for blockchain-based settlement of fiat credit card payments. Traditionally, such transactions take several days and are costly due to intermediaries. Now, RLUSD will enable instant and low-cost settlement between Mastercard and WebBank.

• RLUSD is a stablecoin pegged to the US dollar, operating on XRPL, a public blockchain known for its speed (thousands of transactions per second), low fees, and 10-year stability. XRP secures the network. In the pilot project, RLUSD is used for settling transactions between Mastercard (global payments network) and WebBank (card issuer). This allows replacing multi-day fiat processes with blockchain settlements, making payments faster, more transparent, and cheaper.
• The partnership is closely tied to the Gemini Credit Card, issued by WebBank. Earlier in 2025, an "XRP edition" of this card was launched, integrating digital assets into everyday spending. Now, RLUSD is being tested for settling payments specifically with this card, making it a model for other programs. Gemini provides the crypto integration, allowing users to spend fiat via credit card with a blockchain backend. This combines traditional payments with crypto, offering consumers choice, protection, and compliance.

Technically, the integration will begin with onboarding RLUSD to XRPL in the coming months, subject to regulatory approvals. Then, plans include integrating it into existing Mastercard and WebBank processes.

New Standards for Institutional Use

This collaboration sets a precedent: for the first time, a regulated US bank is using a licensed stablecoin on a public blockchain for settling card transactions. It demonstrates how stablecoins can modernize money, making cross-border payments faster and more accessible. For institutions, this means better efficiency, lower costs, and compliance with regulations. Broadly, it signals the entry of stablecoins into the mainstream, with RLUSD as a bridge between crypto and traditional finance. Analysts see this as a step toward broader adoption, especially after Ripple's legal victories over the SEC.

Future Plans and Impact

In the coming months, the partners plan to onboard RLUSD and conduct testing, with potential expansion to other card programs. This could open doors to new use cases, like DeFi integrations or global payments. For the crypto market, this is positive: XRP may benefit from XRPL growth and RLUSD from institutional support. If the pilot succeeds, it will accelerate stablecoin adoption in banks.