SoFi launches stablecoin settlement on Mastercard payment network
- SoFi Bank becomes the first nationally chartered bank to settle card payments using a stablecoin on Mastercard's network.
- The program migrates SoFi's entire card portfolio, representing over $25 billion in annualised transaction volume.
- Settlement operations utilise SoFiUSD, enabling instant merchant account funding and continuous cash withdrawals at zero cost.
SoFi Technologies Inc (NASDAQ:SOFI) and Mastercard Inc (NYSE:MA) have launched live stablecoin settlement across SoFi Bank's debit and credit card operations.
The migration transfers SoFi's entire $25 billion annualised card volume onto blockchain infrastructure using the bank's native stablecoin, SoFiUSD.
“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” according to Chief Executive Officer Anthony Noto.
Merchants receive funds instantly into a dedicated bank account and maintain continuous cash access without incurring processing fees.
"With SoFi, we're moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard," according to Global Head of Digital Commercialization Sherri Haymond.
The digital asset is issued directly by SoFi Bank under national bank oversight and maintains one-to-one redemption backing through dollar cash reserves.
Corporate leadership is advancing discussions with multinational retailers and technology platforms to expand the payment infrastructure to commercial partners.
Following the announcement, SoFi Technologies Inc shares were unchanged at $16.97.
