SoFi and Mastercard Activate SoFiUSD Settlement for Card Program

SoFi Bank and Mastercard announced that SoFiUSD settlement is now live for the bank’s debit and credit card program, shifting the previously planned option into production.

Projected volume vs. disclosed activity

SoFi expects the migrated program to handle more than $25 billion in annualized card‑program volume. The company has not revealed how much transaction value has already settled in SoFiUSD, making the projected run‑rate a forward‑looking estimate rather than a measure of current throughput.

How the settlement works

Merchants receive settlement funds directly in a SoFi Bank account, allowing them to access cash without holding the stablecoin. Cardholders continue using existing cards; the token moves value only on the settlement layer. Redemption of SoFiUSD is limited to approved SoFi customers under separate agreements and is not automatic for merchants or shoppers.

Regulatory and risk considerations

SoFiUSD is issued by a nationally chartered bank and is described as redeemable one‑for‑one with the U.S. dollar, but it is not a deposit, lacks FDIC or SIPC insurance, and may be subject to delays or loss. The token’s reserve backing is primarily cash, with the issuer allowed to include cash equivalents and other liquid instruments, though no point‑in‑time reserve composition is disclosed.

Broader stablecoin settlement context

Mastercard’s wider settlement roadmap includes support for other regulated stablecoins such as USDC, Paxos‑issued coins, RLUSD, and SoFiUSD across multiple networks. Visa has reported a stablecoin settlement run‑rate exceeding $20 billion, highlighting differing metrics between projected card volume and actual settlement activity.

What remains unknown

The next indicators of commercial impact will be the disclosed token‑settled volume, adoption by merchants outside SoFi’s own platform, and measurable timing for cash availability after settlement.