SoFi moves $25 billion card programme onchain

• SoFi Technologies launched stablecoin settlement across its Mastercard card programme.
• The programme is expected to process more than $25 billion annually through SoFiUSD.
• The launch makes SoFi the first national bank with live stablecoin settlement.

SoFi Technologies, Inc. (NASDAQ:SOFI) has launched stablecoin settlement across its entire Mastercard card programme using SoFiUSD.

The programme is expected to process more than $25 billion in annualised volume through blockchain-based settlement.

“Merchants do not need to hold stablecoins, build new infrastructure or change how they operate,” according to SoFi CEO Anthony Noto.

SoFi Bank is migrating its full debit and credit card programme to blockchain settlement for live transactions.

“Stablecoins become meaningful when they solve real problems that businesses face every day,” according to Mastercard Global Head of Digital Commercialization Sherri Haymond.

SoFiUSD (SOFID) is issued by SoFi Bank and redeemable one-to-one for US dollars.

SoFi and Mastercard are also exploring cross-border payments, remittances and additional settlement applications for SoFiUSD.

Following the announcement, SoFi shares closed 1.51% higher at US$16.80.