SoFi has begun settling debit and credit card transactions using its SoFiUSD stablecoin on Mastercard's global payments network. The bank is migrating its entire card program to blockchain-based settlement, and the program is expected to process more than $25 billion in annualized volume, according to a statement shared with The Block on Tuesday. SoFi said it is the first bank to go live with stablecoin settlement across Mastercard's network. The launch follows a March agreement under which SoFi planned to use SoFiUSD to settle its own Mastercard transactions. The companies also outlined plans to offer the settlement option to other issuing banks through SoFi's Galileo technology platform. SoFiUSD was launched last December and became available to users of the SoFi banking app in May. Merchants do not need to hold SoFiUSD or change their existing payment systems to use the service, according to SoFi CEO Anthony Noto. Through SoFi's Big Business Banking platform, merchants can receive instant settlement funds in a SoFi Bank account and withdraw them as cash around the clock at no cost. Noto said the companies had moved stablecoin settlement from an idea to a live product in six months and that it materially improves how money moves for businesses. Mastercard Global Head of Digital Commercialization Sherri Haymond said stablecoins become meaningful when they address businesses' everyday problems. She said the arrangement moves Mastercard from exploration to implementation in a live production environment while maintaining the trust, scale and safeguards expected from the company and giving businesses more choice in how money moves. SoFiUSD is issued by SoFi Bank, an OCC-regulated, nationally chartered bank. According to the firm, it is redeemable one-to-one for U.S. dollars and backed primarily by cash reserves. SoFi said it is discussing stablecoin settlement arrangements with large U.S. merchants, including multinational retailers and technology service platforms, but did not name any companies. SoFiUSD is available on Ethereum and Solana. Mastercard's broader stablecoin settlement plans cover eight blockchain networks: Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo and the XRP Ledger. Mastercard expanded those plans in June to include USDC, PYUSD, RLUSD and other regulated stablecoins across multiple blockchains. The payments company said the rollout would support intraday, weekend and holiday settlement for issuers and acquirers. SoFi and Mastercard said they are exploring additional uses for SoFiUSD on the network, including cross-border payments and remittances.
SoFi Launches Stablecoin Settlement on Mastercard Network
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Summary
SoFi has rolled out stablecoin settlement on Mastercard’s global payments network as part of a network upgrade. The bank is shifting its card program to blockchain-based settlement using SoFiUSD, a stablecoin launched in December 2025 and available on Ethereum and Solana. The program is expected to handle over $25 billion in annualized volume. SoFi is the first bank to implement this on-chain news development, following a March agreement to use its own stablecoin for Mastercard transactions. The settlement option will also be available to other banks via SoFi’s Galileo platform.
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