- Mastercard partners with Ripple to integrate the RLUSD stablecoin in its payments network for more streamlined, more cost-efficient, and faster transactions.
- Chainlink’s head of marketing alleged that Ripple only paid Mastercard for the endorsement.
Ripple Swell proved to be a very productive event for Ripple. In addition to the wealth of insights from attendees, including the heavy hitters in finance, the blockchain finance solutions provider unveiled a major partnership with Mastercard.
The partnership aims to expand the reach of the Ripple USD (RLUSD) stablecoin while bringing a more streamlined, more cost-efficient, and faster transactions for Mastercard users. Gemini and WebBank will also join the initiative, thereby expanding their existing connection with Ripple following the launch of the Gemini Credit Card.
The partners said that they will begin the initial phase of their RLUSD onboarding “in the coming months.”
Ripple and Mastercard Partnership: Revolutionizing Modern Finance
Sherri Haymond, Global Head of Digital Commercialization at Mastercard, highlighted that the partners envision bringing regulated, open-loop stablecoin payments into mainstream finance. She also emphasized their company’s commitment to “consumer choice and principled approach to stablecoins,” which is the key to reinforcing stronger consumer protections, a level playing field, and full regulatory compliance.
For Monica Long, President of Ripple, the move marks another stamp of approval from big financial institutions. It’s recognition of the existing and untapped potential of blockchain and stablecoins in revolutionizing the transfer of value. She pointed out that the initiative will showcase how RLUSD can accelerate settlement, which could serve as a blueprint for the adoption of regulatory-compliant stablecoins by more card programs.
Along the way, Long reiterated how XRP Ledger (XRPL) and XRP play a crucial role for RLUSD. She explained that the technology and the token powering it help keep the RLUSD network secure. Moreover, they ensure the efficient transactions of the stablecoin across various payment platforms.
Chainlink Fires Back at the Ripple-Mastercard Milestone
Many traditional finance (TradFi) and decentralized finance (DeFi) players saw the milestone as a game-changer not only in the XRP and XRPL ecosystem but also in the broader payments sector. However, Evan Drake, Marketing Chief of Staff & Head of Growth at Chainlink Labs, criticized the Ripple and Mastercard partnership.
According to Drake, Ripple paid Mastercard for the clout to give its “niche credit card gimmick,” which he believes only a “handful of people will use.” He didn’t give the exact figures in Ripple’s alleged payment to Mastercard for the endorsement, but revealed that the latter bought a Chainlink-built infrastructure for $2 billion.
With that, Drake reminded people that the new Ripple-Mastercard collaboration is not the same as the Chainlink-Mastercard partnership. He notably shared a post that called XRP an obsolete “bank-themed meme coin bridge,” too.
What’s your Reaction?
+1
1
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
