Payment giant Mastercard, in collaboration with Gemini and Ripple, will test card payments using the stablecoin RLUSD on the distributed XRP Ledger (XRPL), according to company representatives.
The initiative also involves WebBank, the issuer of the Gemini credit card. Once implemented, this will be one of the first instances where a regulated American bank conducts traditional card settlements using a stablecoin on a public blockchain.
Cryptocurrency platforms are eager to boost transaction revenue and attract new customers through cards for everyday purchases. Gemini already offers an XRP-version credit card, issued by WebBank. Previously, the company also launched a “Solana version” of the card with up to 4% cashback in SOL tokens.
“With the Gemini credit card, we are enhancing the way digital assets are integrated into everyday spending,” said Gemini CFO Dan Chen.
XRP Ledger (XRPL) is an open-source blockchain used to enhance payment capabilities. Ripple is its main developer.
Gemini and the Prediction Market
The Winklevoss-led exchange is also preparing to launch prediction markets, reports Bloomberg, citing its own sources. The company aims to launch products “as soon as possible.”
To achieve this, Gemini may utilize its own derivatives exchange. In May, it applied to the U.S. Commodity Futures Trading Commission (CFTC) for the necessary license, but a decision is still pending.
This move places the platform in direct competition with players like Kalshi and Polymarket. The largest U.S. crypto exchange, Coinbase, also plans to expand in this area. Traditional platforms, including Intercontinental Exchange, are showing interest in prediction markets.
Prediction markets still face significant regulatory uncertainty. While the CFTC has permitted some platforms to operate, state gambling regulators are challenging this in court. The approval process for a new license from the regulator could also take months or years.
Back in November 5, Ripple announced securing $500 million in strategic investments at a $40 billion valuation from major institutional players.