Overview
- Transactions from the WebBank‑issued Gemini Credit Card would be settled using RLUSD on the XRP Ledger rather than traditional bank transfers.
- Mastercard said the effort uses its network to bring regulated, open‑loop stablecoin payments into the financial mainstream.
- RLUSD is described as fully backed by cash and cash‑equivalent reserves and issued under a New York trust company charter.
- Partners say the pilot will move forward once required regulatory approvals are secured, beginning with RLUSD onboarding to XRPL and subsequent integration planning.
- Reports differ on RLUSD scale, citing more than $1 billion in circulation versus a $2 billion total supply as signs of early adoption.