Overview
- SoFi and Mastercard said Tuesday, Sept. 22 that stablecoin settlement is live for SoFi Bank’s debit and credit card program and that transactions are now processing on‑chain.
- SoFiUSD is issued by SoFi Bank, N.A., an OCC‑regulated national bank and is described as redeemable 1:1 for U.S. dollars with reserves held primarily in cash, though the token is not a bank deposit and lacks FDIC insurance.
- SoFi is migrating its full card portfolio, which it projects will process about $25 billion in annualized volume after the move, but the company has not disclosed how much value has already settled on‑chain.
- Merchants do not need to hold tokens or build new systems because settlement can post instantly to a SoFi Bank account and be withdrawn as cash around the clock through SoFi’s Big Business Banking platform.
- Mastercard frames the rollout as a move from pilot to production and the partners are pursuing large merchant deals and broader uses such as cross‑border payments, while observers note questions about commercial scale, redemption rules and operational limits to watch next.