SoFi has moved its entire debit and credit card programme onto stablecoin settlement rails through Mastercard, bringing bank-issued digital currency into live production across the payments network.
The US digital financial services platform said the programme, operated through SoFi Bank, N.A., is expected to process more than $25bn in annualised volume. Settlement is now running through SoFiUSD, with transactions being recorded on the blockchain.
The launch follows a partnership between SoFi and Mastercard announced in March and marks a move from exploring stablecoin applications to using the technology as part of live payments infrastructure.
SoFi said the integration is designed to give card issuers, acquirers and merchants more flexibility around settlement and liquidity without requiring businesses to adopt new infrastructure or hold stablecoins themselves.
The development also demonstrates how bank-issued stablecoins can operate alongside established payments networks, potentially creating new routes for moving money while retaining existing banking and merchant relationships.
For Mastercard, the launch is part of its broader push to support stablecoin settlement across its network. The company has been working with banks, FinTechs, stablecoin issuers and other payments businesses as the technology moves from experimentation towards commercial use.
SoFiUSD is issued by SoFi Bank, N.A., a nationally chartered bank supervised by the Office of the Comptroller of the Currency. Each SoFiUSD token is redeemable for one US dollar and is primarily backed by cash reserves.
The stablecoin is available to institutional clients and SoFi members for payments, settlement and other related uses. SoFi notes that SoFiUSD is not a deposit, is not covered by FDIC or SIPC insurance, is not guaranteed by a bank, is not legal tender and may lose value.
The wider SoFi platform provides borrowing, saving, spending, investing, protection and digital asset services through a single app. The company said it has 15.8 million members.
Its SoFi Tech Solutions business also provides technology capabilities to banks, FinTech companies and brands, serving more than 134 million accounts globally.
The stablecoin settlement capability is intended to extend beyond SoFi’s own card operations. The company said it is in discussions with major US merchants, including multinational retailers and technology service platforms, about using stablecoin settlement.
Under the model, merchants do not need to hold SoFiUSD directly or make changes to their existing operations. SoFi said businesses using its Big Business Banking platform can receive settlement funds into a SoFi Bank account and withdraw the funds as cash around the clock.
SoFi CEO Anthony Noto said, “In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses. Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost. That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank.”
The companies are also exploring additional applications for SoFiUSD across Mastercard’s network, including cross-border payments and remittances.
Mastercard global head of digital commercialisation Sherri Haymond added, “Stablecoins become meaningful when they solve real problems that businesses face every day. With SoFi, we’re moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard. This is another step toward giving businesses more choice in how money moves.”
The launch puts stablecoin settlement into a different phase of development, with the technology being connected to established card and banking infrastructure rather than operating as a standalone digital asset product.
For banks and payments businesses, the significance is less about replacing existing payment networks and more about how blockchain-based settlement can be incorporated into the infrastructure already used by merchants and consumers. SoFi and Mastercard’s expansion of the arrangement into merchant settlement, cross-border payments and remittances will provide further indications of where bank-issued stablecoins can be used commercially.
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