SoFi launches live stablecoin card settlement on Mastercard network
SoFi Bank has begun settling card transactions across Mastercard's network using its SoFiUSD stablecoin, migrating a card program expected to exceed $25 billion in annualized volume.
SoFi Bank announced it has gone live with blockchain-based stablecoin settlement across Mastercard's payment network, stating it is the first U.S. national bank to do so. The initiative migrates SoFi's debit and credit card programs to settle using SoFiUSD, a bank-issued token redeemable 1:1 for U.S. dollars and described as the first stablecoin issued by a nationally chartered U.S. bank.[1][2][4][5][7][10]
The card program is expected to process more than $25 billion in annualized volume once the migration is complete. The $25 billion figure reflects projected card volume rather than settled stablecoin totals, and SoFi has not disclosed actual stablecoin settlement volumes. Additionally, SolanaFloor reported that 70% of SoFiUSD is deployed on Solana. Bull Theory reported that SoFi shares rose 5% in premarket trading following the development.[3][6][8][9]
Under the program, merchants do not need to hold stablecoins or build new infrastructure, as they can receive funds directly into a SoFi Bank account and withdraw them as cash. SoFi is also in discussions with major U.S. retailers and technology platforms, and it is exploring cross-border payments and remittances with Mastercard as a next step.[10]
Key facts
- SoFi Bank launched live blockchain-based stablecoin settlement across Mastercard's global payments network using SoFiUSD.
- SoFi is described as the first nationally chartered U.S. bank to issue a stablecoin and settle card payments with one on Mastercard's network.
- SoFiUSD is redeemable 1:1 for U.S. dollars, and SolanaFloor reports that 70% of the token is deployed on Solana.
- SoFi is migrating its entire card program to the rails, which is projected to process more than $25 billion in annualized volume upon completion.
- SoFi has not disclosed actual stablecoin settlement volume to date.
- Merchants can receive funds directly into a SoFi Bank account and withdraw cash without holding stablecoins or building new infrastructure.
- SoFi and Mastercard are exploring cross-border payments and remittances next, while SoFi is in discussions with major U.S. retailers and tech platforms.
Sources · 10 sources
- BA
Barron's@barronsonlinePost on X ·
SoFi Becomes First U.S. Bank to Settle Card Payments on Stablecoin https://t.co/feoVsgYyhu
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: SoFi and Mastercard launch live stablecoin settlement SoFi is migrating its $25 billion card program to SoFiUSD, the first stablecoin issued by a nationally chartered U.S. bank, bringing stablecoin settlement into its card infrastructure. https://t.co/TwSN7TTkm6
Open source - BT
Bull Theory@BullTheoryioPost on X ·
BREAKING: $SoFi is up 5% in premarket after becoming the first national bank to settle payments with a stablecoin on Mastercard's network. The bank is migrating its entire $25 billion card program to blockchain based settlement. https://t.co/y3kVeDkHMK
Open source - WG
Watcher.Guru@WatcherGuruPost on X ·
JUST IN: 🇺🇸 $SOFI Bank and Mastercard launch crypto stablecoin settlement payment network.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: SoFi Bank said it has become the first US national bank to go live with stablecoin settlement on Mastercard's network, using bank-issued SoFiUSD. $SOFI The bank is also moving its entire $25 billion card program onchain with SoFiUSD stablecoin settlement. https://t.co/uv8IEOUAYO
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
LATEST: ⚡ SoFi has begun settling debit and credit card transactions with its SoFiUSD stablecoin on Mastercard's network, migrating its entire card program expected to exceed $25B in annualized volume. https://t.co/9wuWA6ceY4
Open source - CO
CoinDesk@CoinDeskPost on X ·
NEW: @SoFi and @Mastercard launch live stablecoin settlement, migrating SoFi's $25B card program to SoFiUSD, the first stablecoin issued by a nationally chartered U.S. bank. https://t.co/aNMU3wLXyF
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
SoFiUSD settlement is live for SoFi’s Mastercard card program. The $25 billion number is not how much has settled in SoFiUSD. It is SoFi’s projected annual card volume once the migration is complete. SoFi has not disclosed actual stablecoin settlement volume. https://t.co/5w7YZimUAH
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
🚨BREAKING: @SoFi has become the first national bank to bring its $25B annualized card program to stablecoin settlement across Mastercard’s global payments network. The program uses SoFiUSD stablecoin, 70% of which is deployed on @Solana. https://t.co/m47krZxVG3
Open source - WS
Wall St Engine@wallstenginePost on X ·
$SOFI BECOMES FIRST U.S. NATIONAL BANK TO GO LIVE WITH STABLECOIN SETTLEMENT ACROSS MASTERCARD’S NETWORK SoFi is moving its full debit and credit card program, expected to process more than $25B in annualized volume, onto blockchain-based settlement using SoFiUSD, which is redeemable 1:1 for U.S. dollars. Merchants won’t need to hold stablecoins or build new infrastructure. They can receive funds directly into a SoFi Bank account and withdraw them as cash. SoFi is also in discussions with major U.S. retailers and technology platforms, while it and Mastercard $MA are exploring cross-border payments and remittances next.
Open source