XRP Ledger gets Mastercard boost as payment giant tests RLUSD for Gemini card transactions. Global payment provider Mastercard announced a partnership with Ripple, Gemini, and WebBank to explore RLUSD stablecoins on the XRP Ledger. This follows a series of crypto-based partnerships from traditional payment firms to boost cross-border settlement. Mastercard ramps up crypto deals. In its latest move into the digital asset market, Mastercard has turned to Ripple's XRP-based stablecoin, XRP, to explore potential use cases. The companies would test XRPL for fiat card transactions, marking the first on a public blockchain. XRP Ledger is a decentralized open-source blockchain for digital asset payments. In recent months, the ledger has attracted several financial firms seeking to float web3 offerings. According to the announcement, fiat-based payments will also be processed using Gemini's credit card. The three-way collaboration will see Ripple's XRPL facilitate and settle payments between Mastercard and WebBank, the issuers of Gemini's card. This underscores Ripple's importance in the future of cross-border payments, facilitating both crypto and traditional payment firms. WebBank launched an XRP form of Gemini's card this year, making the partnership an addition to growing experiments to settle global payments. Sherri Hammond, Mastercard's Global Head of Digital Commercialization, lauded the move, adding that it brings faster regulated payments to mainstream finance. "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. Guided by our commitment to consumer choice and a principled approach to stablecoins, one that emphasizes strong consumer protections, a level playing field, and full regulatory compliance- we're enabling settlement today while exploring how stablecoins can support future use cases." WebBank's CEO, Jason Lloyd, emphasized the importance of institutional investors, as banks often serve as the bridge for these clients. All firms identified stablecoins as a major driver of financial growth, with several programs already being floated. Ripple's launch of RLUSD fueled wider demand for stablecoin and a heated competition for market share. This year, a handful of banks and fintech firms have pitched stablecoin ideas with many in pilot phases. Wider exploration followed a change in government stance to adopt and legalize these assets. The GENIUS Act in the United States, coupled with developments in Asia, set the template for other jurisdictions onboarding stablecoin issuers. Last month, Mastercard was in late-stage talks to acquire Zerohash for $2 billion, another big bet on the stablecoin market.

BMG Money announced today that it has secured a $300 million financing facility with Utah-based WebBank, a leading national issuer of consumer credit product...

BMG Money announced today that it has secured a $300 million financing facility with Utah-based WebBank, a leading national issuer of consumer credit products, and Waterfall Asset Management. This new facility, combined with BMG Money's existing warehouse lines and forward flow arrangements, brings the company's total financing capacity to approximately $1 billion, positioning BMG Money to significantly expand access of responsible credit solutions to financially underserved employees across the United States. This announcement builds on BMG Money's successful partnership with WebBank. The new financing facility will provide BMG Money with enhanced flexibility and capacity to meet surging demand from employees seeking alternatives to traditional lending options, which often include high interest rates and fees. "Reaching approximately $1 billion in total financing capacity is a transformational milestone for BMG Money and, more importantly, for the millions of working Americans who struggle to access fair credit," said Kieran Noonan, President & CEO at BMG Money. "Our expanded partnership with WebBank demonstrates strong confidence in our mission and our proven ability to responsibly serve underserved borrowers. With this additional capacity, we can help even more employees avoid debt traps and build toward financial wellness." "Nearly 106 million U.S. adults lack adequate access to credit, and nearly half of Americans report that financial stress has severely impacted their lives," Noonan adds. "This facility gives us the resources we need to make a meaningful difference for working families who deserve better options than what the traditional financial system has offered them." "We are proud to expand our partnership with BMG Money through this new facility," said Jason Lloyd, President & CEO of WebBank. "BMG Money continues to demonstrate innovation and meaningful impact in supporting financial inclusion. This expanded partnership will help broaden access to financial solutions for working Americans and further our shared commitment of empowering consumers nationwide." With approximately $1 billion in total financing capacity across warehouse facilities and forward flow agreements, BMG Money is positioned as one of the leading providers of employment-based lending solutions in the United States. The company currently operates in 39 states plus the District of Columbia and has originated nearly $4 billion in loans since inception. About BMG Money Headquartered in Miami, FL, BMG Money has offered employment-based lending solutions since 2011 to help public and private sector employees that have been overlooked by traditional financial institutions and are struggling to overcome archaic methods of determining credit worthiness. Currently operating in 39 states plus the District of Columbia, BMG Money's mission is to enhance the financial wellness of its customers through a combination of financial education, credit monitoring solutions, and emergency loans, providing the tools necessary for a secure financial future. For more information, please visit www.bmgmoney.com About WebBank WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $250 billion in consumer and commercial credit products. As "The Bank Behind the Brand®", WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, payment companies, software as a service (SaaS) and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through its collaboration with Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label credit card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-based lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com View source version on businesswire.com Destinee Day [email protected] See Our Government Trade Tracker That Caught Pelosi's 169% AI Winner We spotted Nancy loading up on Tempus AI before it gained 169% in just over a month. With our Government Trade Tracker, you can uncover the same kind of insider-inspired opportunities by tracking every trade from all 535 members of Congress, updated live and ranked for potential impact. Don't wait for their next filing to move the market.