SoFi has launched stablecoin settlement for its $25 billion card program using its SoFiUSD stablecoin on Mastercard's global payments network, becoming the first national bank to do so. The program allows merchants to receive instant settlement funds 24/7 via SoFi's Big Business Banking platform without needing to hold stablecoins or modify their infrastructure. SoFiUSD is an OCC-regulated stablecoin backed by cash reserves. The partners are also exploring future expansions, including cross-border payments.
SoFi Mastercard stablecoin settlement launch
- ▪SoFi is the first national bank to go live with stablecoin settlement across Mastercard's global payments network
- ▪SoFi's launch of stablecoin settlement using SoFiUSD on Mastercard's global payments network follows a March 2026 agreement between SoFi and Mastercard to use SoFiUSD for transaction settlement
- ▪SoFi is migrating its entire card program, which is expected to exceed $25 billion in annualized volume, to blockchain-based settlement using SoFiUSD
- ▪SoFi launched stablecoin settlement for its debit and credit card transactions using its SoFiUSD stablecoin on Mastercard's global payments network on September 22, 2026
Merchant instant settlement mechanics
- ▪Through SoFi's Big Business Banking platform, merchants can receive instant settlement funds in a SoFi Bank account and withdraw them as cash 24/7 at no cost
- ▪Merchants do not need to hold SoFiUSD, build new infrastructure, or modify their business practices to use SoFi's SoFiUSD stablecoin settlement service on Mastercard's network
- ▪SoFi is in discussions with large U.S. merchants, including multinational retailers and technology service platforms, regarding SoFiUSD stablecoin settlement arrangements on Mastercard's network
SoFiUSD regulatory characteristics
- ▪SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated, nationally chartered bank
- ▪SoFiUSD is available on the Ethereum and Solana blockchains, and was listed on the Kraken exchange in September 2026
- ▪SoFiUSD is redeemable 1:1 for U.S. dollars and is backed by reserves consisting primarily of cash
Mastercard multi-blockchain network expansion
- ▪In June 2026, Mastercard expanded its card settlement plans to include USDC, PYUSD, RLUSD, and other regulated stablecoins across multiple blockchains
- ▪Mastercard's stablecoin settlement plans, which it expanded in June to include USDC, PYUSD, RLUSD and other regulated stablecoins, encompass eight blockchain networks, including Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, and the XRP Ledger
Cross-border payment exploration
- ▪SoFi and Mastercard plan to offer the SoFiUSD stablecoin settlement option to other issuing banks through SoFi's Galileo technology platform
- ▪SoFi and Mastercard are exploring further uses for SoFiUSD on the Mastercard network, including cross-border payments and remittances
Debatable claims
- ▪Only federally regulated banks should be permitted to issue stablecoins
- ▪Nationally chartered banks should adopt stablecoins for transaction settlement
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