SoFi is migrating its full card program to blockchain-based settlement, with the program expected to process more than $25 billion in annualized volume using SoFiUSD.
SoFi Technologies, Inc. and Mastercard announced that stablecoin settlement is now live across SoFi Bank, N.A.’s debit and credit card program, bringing stablecoin settlement through SoFiUSD, issued by a federally regulated bank, to Mastercard’s global payments network following the companies’ partnership announced in March.
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As part of the launch, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, the first stablecoin issued by a nationally chartered bank. Transactions are live on the blockchain today.
The launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through trusted payment infrastructure, while providing a path to broader adoption of bank issued stablecoins in payments. It also highlights how bank issued stablecoins can operate alongside existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.
“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” said Anthony Noto, CEO of SoFi. “Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost. That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank.”
“Stablecoins become meaningful when they solve real problems that businesses face every day,” said Sherri Haymond, Global Head of Digital Commercialization, Mastercard. “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. This is another step toward giving businesses more choice in how money moves.”
This milestone supports Mastercard’s broader efforts to support stablecoin settlement across its global payments network with a growing ecosystem of banks, fintechs, stablecoin issuers and other partners.
SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated, nationally chartered bank, and is fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash. SoFiUSD is available for institutional use and for use by SoFi members, supporting payments, settlement and other financial applications.
While this launch marks a meaningful improvement in SoFi’s settlement operations, the product is not limited to use by SoFi Bank. SoFi is in active discussions with large merchants across the US regarding stablecoin-based settlement arrangements. These merchants range from large multinational retailers to technology service platforms. SoFi and Mastercard will also explore additional opportunities for SoFiUSD settlement on Mastercard’s network, including cross-border payments, remittances and other money movement use cases.
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