SoFi launches $25 B card program settlement on Mastercard using SoFiUSD stablecoin

SoFi Technologies announced that its $25 billion debit and credit card program now settles transactions on‑chain using SoFiUSD, a stablecoin issued by SoFi Bank, N.A. The settlement runs through Mastercard’s worldwide payments infrastructure.

How the settlement works

Transactions are processed on the blockchain, but merchants do not need to hold SoFiUSD or integrate any blockchain wallet. Funds are received in a SoFi Bank account via the company’s Big Business Banking platform and can be withdrawn as cash at any time without a fee.

Key features of SoFiUSD

• Issued by a nationally chartered bank regulated by the OCC.
• Redeemable 1:1 for U.S. dollars, with reserves held primarily in cash.
• Operates on Ethereum and Solana.
• Available to institutions and SoFi members for settlement, payments and other financial applications.

Mastercard’s broader stablecoin initiative

Mastercard added six regulated stablecoins to its settlement infrastructure in June, including Circle’s USDC, PayPal USD, Global Dollar, Pax Dollar, Ripple USD and SoFiUSD. The network supports settlement on multiple blockchains such as Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo and the XRP Ledger, and can process transactions outside traditional banking hours.

Future expansion

SoFi says the rollout is not limited to its own banking customers. The company is in talks with large U.S. merchants about using stablecoin settlement for cross‑border payments, remittances and other use cases. No specific merchants or timelines were disclosed.

Related partnerships

Earlier this month SoFi partnered with Kraken’s parent company Payward, allowing Kraken to list SoFiUSD and join SoFi’s real‑time settlement network, providing additional liquidity and distribution channels for the token.