Overview
- SoFi and Mastercard announced Sept. 22 that stablecoin settlement is live in production across SoFi Bank’s debit and credit card program, with transactions now processing on public chains.
- SoFi moved roughly $25 billion of card volume to settlement using SoFiUSD, its bank‑issued stablecoin that operates on networks including Ethereum and Solana.
- Merchants do not need to hold tokens or change infrastructure because SoFi’s Big Business Banking can deliver instant deposits to a SoFi Bank account and allow 24/7 free withdrawals.
- SoFiUSD is issued by SoFi Bank, N.A., an OCC‑regulated national bank and is claimed redeemable 1:1 for U.S. dollars with reserves held primarily in cash.
- Mastercard’s live rollout builds on its broader stablecoin work and recent BVNK deal and could enable faster cross‑border and remittance flows, but merchant uptake, reserve mechanics and operational risk remain the next things to watch.