Mastercard Moves From Pilot to Live Execution With Ripple for Blockchain Settlements

Mastercard CEO confirms the payments giant is shifting from experimentation to real-world deployment of blockchain-based settlements using Ripple's RLUSD stablecoin on the XRP Ledger.

Mastercard is no longer treating blockchain as an experiment. During the company's Q4 2025 earnings call on January 29, 2026, CEO Michael Miebach confirmed that the payments giant has moved from "concept to execution" in its partnership with Ripple, signaling a fundamental shift in how one of the world's largest payment networks views digital assets.

The announcement comes as Mastercard reported strong Q4 results—15% net revenue growth and 22% growth in value-added services on a currency-neutral basis—providing the financial foundation for the company's expanding blockchain ambitions.

The Partnership: What's Actually Happening

The collaboration between Mastercard, Ripple, WebBank, and Gemini represents a significant milestone: one of the first instances where a regulated U.S. bank settles traditional credit card transactions using a regulated stablecoin on a public blockchain.

Here's how it works: The initiative uses Ripple's dollar-backed stablecoin RLUSD, operating on the XRP Ledger (XRPL), to facilitate blockchain-based settlement between Mastercard and WebBank, which issues the Gemini Credit Card. Consumers swipe their cards as usual—the blockchain settlement happens behind the scenes.

"Through our partnerships with Ripple, Gemini, and WebBank, we're using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream," said Sherri Haymond, Mastercard's Global Head of Digital Commercialization.

The pilot launched in November 2025 following its announcement at Ripple's Swell conference, and has now entered the execution phase as of February 2026.

Stablecoins as "Just Another Currency"

Miebach's framing of stablecoins during the earnings call was notably matter-of-fact. Rather than positioning them as revolutionary technology, he described them as simply "another currency we can support within our network."

This normalization is deliberate. Mastercard has spent over a decade building its digital assets infrastructure, progressing from crypto-linked cards and trading tools to stablecoin settlements and co-branded programs. The Ripple partnership represents the culmination of that groundwork.

"For us, stablecoins and agentic commerce are emerging opportunities, ones where Mastercard has a natural role to play," Miebach stated.

Market Context: Strong Fundamentals Support the Expansion

Mastercard's blockchain push comes from a position of strength. The Q4 earnings call revealed several key metrics:

• Worldwide gross dollar volume grew 7% in the quarter
• Cross-border volumes increased 14% globally
• Contactless penetration reached 77% of in-person purchase transactions, up five percentage points year-over-year
• Nearly 40% of all Mastercard transactions are now tokenized
• Mastercard Move, the company's disbursements platform, posted transaction growth exceeding 35%

CFO Sachin Mehra noted that operating income rose 17%, with demand across digital authentication, security, and business insights driving value-added services revenue.

XRP and Ripple: What This Means

For the XRP ecosystem, the Mastercard partnership represents meaningful institutional validation. Several factors make this development significant:

RLUSD Growth: Ripple's regulated stablecoin has surpassed $1.3 billion in market cap as of early 2026, driven largely by institutional payment use cases. The Mastercard integration provides a clear pathway for continued demand.

XRPL as Settlement Infrastructure: The XRP Ledger is being positioned as the backbone for institutional settlement—not as a speculative asset, but as functional financial infrastructure. Monica Long, Ripple's President, stated that "the XRPL will serve as the backbone for these and other institutional use cases that are transforming how financial services operate."

Regulatory Clarity Advantage: With RLUSD regulated under a New York Trust Charter and WebBank providing FDIC-insured oversight, this partnership operates within established compliance frameworks. This matters considerably following years of regulatory uncertainty in the U.S. crypto market.

Scale Potential: Global credit card payments exceed $20 trillion annually. While the current pilot focuses specifically on the Gemini Credit Card, success could position XRPL for broader adoption across Mastercard's network. Industry analysts at Amplify ETFs have noted that even capturing 1% of this market would represent $200 billion in annual settlement volume.

Important Caveat: While the infrastructure is being built, this partnership currently focuses on RLUSD settlement—not direct XRP token utilization in transactions. Observers should distinguish between XRPL network adoption and XRP token price implications, which remain separate considerations.

Beyond Blockchain: The AgentPay Initiative

Mastercard is simultaneously advancing its AI-powered payment infrastructure through AgentPay, a framework designed to enable AI agents to execute transactions autonomously while maintaining consumer protections.

The company has enabled U.S. issuers to participate in AgentPay and expects global extension by the end of Q1 2026. Pilots are already underway in Asia, the United Kingdom, and the UAE.

"It's hard to predict when and how it's going to scale to what degree, but the train is leaving the station, and we're right in the front of it," Miebach said.

What Comes Next

Mastercard's outlook for 2026 projects full-year net revenue growth at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. The company continues investing in data centers, global partnerships, and services tied to cybersecurity, data, and AI.

For the Mastercard-Ripple partnership specifically, the coming months will reveal whether blockchain-based settlement can scale beyond the initial Gemini Credit Card pilot. Jason Lloyd, WebBank's President and CEO, emphasized that the collaboration allows exploration of "how stablecoins like RLUSD can make institutional payments faster and more efficient while maintaining the security and dependability customers expect from banks."

Mastercard shares rose 1.5% following the earnings announcement.

DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.

Sources

PYMNTS – "Mastercard Leans Into Agentic Commerce and Stablecoins While Card Volumes Rise" – Coverage of Mastercard Q4 2025 earnings call and CEO Michael Miebach's statements on digital assets strategy. Published January 29, 2026.

Coinpaper – "From Concept to Rails — Mastercard CEO Says Plans are in High Gear to Tap Ripple for Blockchain-Powered Settlements" – Analysis of Mastercard's transition from pilot to execution phase with Ripple. Published February 4, 2026.

Ripple Press Release – "Ripple Teams up with Mastercard, WebBank, and Gemini to Bring Stablecoin Settlement with RLUSD to Improve Fiat Payments" – Official announcement of the four-way partnership. Published November 2025.

CoinDesk – "Ripple's RLUSD to Power Mastercard Credit Card Settlements on XRP Ledger" – Original reporting on the partnership announcement at Ripple Swell 2025. Published November 5, 2025.

24/7 Wall St. – "Ripple–Mastercard Pilot Taps XRP Ledger for Card Payments—Why a $20 Trillion Market Is in Focus" – Market analysis of the partnership's potential scale. Published December 31, 2025.