BlackRock, Mastercard, Gemini and Ripple Test Stablecoin Card Settlement on the XRP Ledger

BlackRock, Mastercard, Gemini and Ripple have completed a pilot that used a regulated stablecoin to settle card payments on the XRP Ledger, highlighting how major financial firms are moving from observing blockchain to deploying it in live payment workflows. The test centered on RLUSD, a stablecoin positioned for bank-grade payments, aiming to improve speed and transparency versus legacy rails. Ripple executive Odelia Torteman discussed the initiative at an industry forum in London. She said that while XRP is often seen primarily as a trading token, institutions including BlackRock and Franklin Templeton are evaluating the underlying ledger for institutional finance use cases. Designed for cross-border transfers and multi-asset settlement, the XRP Ledger includes a built-in decentralized exchange and an automated market maker, enabling large firms to trade and move value with less dependence on traditional intermediaries. In September, Franklin Templeton partnered with Ripple and DBS Bank to explore lending and trading structures using money market funds tokenized to increase liquidity. By pairing tokenized funds with regulated stablecoins, the firms aim to improve capital efficiency while staying within regulatory requirements, a framework intended to appeal to large investors wary of broader crypto volatility. The model is also extending into Treasury-style products. Ripple and Securitize reportedly built a mechanism that allows investors in BlackRock's BUIDL fund to convert holdings into RLUSD, enabling 24/7 liquidity via smart contracts. Redemptions from similar funds typically occur only during banking hours and can take time; the setup is designed to provide continuous access. Data indicates the XRP Ledger is being positioned for institutions that require strict identity and compliance controls. The network uses "trust lines" and tools designed to support know-your-customer processes. As participation grows, XRP's role is shifting from primarily speculative exchange trading toward use as a liquidity bridge, enabling banks to settle different forms of value globally in seconds. Featured image from The Wall Street Experience, chart from TradingView.