Overview
- SoFi went live with stablecoin settlement across Mastercard’s global payments network, which went live Tuesday and now processes on‑chain settlement for both debit and credit card programs.
- SoFiUSD is issued by SoFi Bank, NA, a nationally chartered U.S. bank overseen by the OCC, and the token is redeemable 1:1 for U.S. dollars with reserves held primarily in cash.
- Merchants can receive instant settlement deposits into a SoFi Bank account and withdraw cash at any time without fees through SoFi’s Big Business Banking platform, and they do not need to hold stablecoins or change their payment systems.
- SoFi is migrating its entire card portfolio to blockchain settlement with a stated target of more than $25 billion in annualized volume and is in active commercial talks with large U.S. and multinational merchants.
- SoFi and Mastercard plan to explore using SoFiUSD for international payments and remittances, a step that could change how issuers, acquirers, and merchants manage liquidity and cross‑border flows.