Odaily Planet Daily reports that Mastercard has announced a partnership with crypto trading platform Gemini and blockchain company Ripple to explore the use of the RLUSD stablecoin to settle traditional card transactions on the XRP Ledger (XRPL). The statement says that once implemented, this initiative will be one of the first examples of a regulated U.S. bank using a regulated stablecoin to settle traditional card transactions on a public blockchain.

Gemini stated that its credit card is powered by WebBank and has launched XRP and Solana versions, allowing users to earn XRP or SOL tokens as cashback on purchases. WebBank is also participating in this RLUSD settlement pilot project. Ripple, as a major driver of XRPL, will provide the underlying technology support for this collaboration.

Furthermore, Mastercard has recently continued to expand its partnerships in the crypto and blockchain space. In June, the company partnered with Chainlink to provide consumers with a secure on-chain channel for exchanging fiat currency for crypto assets. Meanwhile, the digital identity project Humanity Protocol also announced a partnership with Mastercard to promote the application of open financial technologies in credit and real-world financial services. (The Block)