SoFi launches $25B stablecoin settlement on Mastercard
6.7 Stablecoins SoFi launched stablecoin settlement for Mastercard cards using SoFiUSD, processing $25B+ annually. Merchants get instant, free settlements. SoFi stock rose 3% after the news.
SoFi has introduced stablecoin settlement for its debit and credit card transactions on Mastercard’s global payments network, migrating its entire card program to blockchain-based settlement using SoFiUSD. This move makes SoFi the first bank to implement such a system on Mastercard, with the program expected to process over $25 billion in annualized volume. SoFiUSD, issued by a nationally chartered and OCC-regulated bank, is fully backed 1:1 by US dollars and operates on Ethereum and Solana. Merchants accepting SoFi-branded Mastercards do not need to hold SoFiUSD or alter their payment systems; they receive instant settlement funds in a SoFi Bank account and can withdraw cash at any time without cost. Developed in just six months after a March agreement, the system aims to enhance settlement and liquidity management for issuers, acquirers, and merchants, bridging traditional finance and blockchain networks. Following the announcement, SoFi Technologies’ stock rose about 3%, and the company is in talks with large merchants for further adoption.
