BlackRock, Mastercard, Gemini test card settlement on XRP Ledger with RLUSD

BlackRock, Mastercard, Gemini, and Ripple ran settlement tests using a regulated stablecoin (RLUSD) on the XRP Ledger to process card payments. A Ripple executive outlined the trial at a London forum, signaling a shift from pilots to live infrastructure work source.

The pilot used RLUSD to target faster bank-grade settlement and clearer audit trails than legacy rails allow source.

Reports say institutions are evaluating XRPL for tokenized finance, not just trading XRP. The ledger supports cross-border transfers, multi-asset settlement, a built-in DEX, and an AMM for automated liquidity source.

In September, Franklin Templeton worked with Ripple and DBS to tokenize money market funds for lending and trading, aiming to deepen liquidity in regulated environments source.

Ripple and Securitize enabled smart contracts so investors in BlackRock’s BUIDL and VanEck’s VBILL tokenized funds can convert holdings into RLUSD, unlocking 24/7 on-chain liquidity instead of banking-hours redemptions source.

For investors, the takeaway is precise. Card settlement, tokenized Treasuries, and stablecoin rails are converging on XRPL, with XRP positioned as a liquidity medium in institutional flows rather than a purely speculative asset source source.